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Property Value in 990
What is the legal asset value to be entered on line 10a in the 990, for property that can not be sold.
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4 Replies
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I am not an attorney, CPA or a REALTOR. However, I assume you have a deed restriction on a property that says you can’t sell it. That does not make the value 0 however. Without knowing more about how you obtained the property I would question that a perpetual “Never be sold” is a complete gift and sounds like control from beyond the grave. There are people who can value a controlled property but I would be asking for a legal opinion as well about the restriction.
On this thought, I am not sure I would see the downside of listing full market value of the property on your 990.
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Enter the historical cost or other basis (purchase price plus improvements). For property that cannot be sold, report the cost basis and note any restrictions on Schedule D or Schedule O. This keeps your filing transparent and compliant.
