It is truly unfortunate that many people tend to shy away or ignore altogether the issue of global poverty alleviation. Their reasons are justified by the fact that poverty is a stubborn social issue that has complex and multiple causes. Many of those who are fighting global poverty lament that the process is indeed very slow and painful. However, the website 170 Exchange has a solution that is not tedious and actually benefits all parties. In the United States, commercial real estate companies can receive a tax deduction if they choose to do what is called the 170 Exchange or Bargain Sales. The way it works is that the owner of a property donates the property to a non-profit entity for a charitable contribution based tax deduction. This allows the commercial real estate company to immediately save money on paying taxes, as opposed to saving taxes in the future.
The Welfont Group Uses the 170 Exchange to Fund the Mercy Foundation
The Welfont Group is a commercial real estate company that specializes in acquiring under-utilized or distressed properties. It can also connect other commercial real estate companies with non-profit organizations so both can benefit from the 170 Exchange. This is truly a unique service that not many other companies can offer.
Industry Veterans Sound Off on the Welfont Group’s Expertise on 170 Exchange
Robert W. Wood, a contributor of Forbes Magazine reiterated the niche service offering of the Welfont Group. “While you can make a simple swap of one property for another, the odds are slim you will find someone with the exact property you want who wants the exact property you have.” This is why the Welfont Group is well known for its ability to create suitable matches between commercial real estate firms and non-profit entities that can legally take advantage of the 170 Exchange because as Gary Keller, author of “The Millionaire Real Estate Investor” confirmed, “It’s a very straightforward procedure, but it take some planning. This program in the IRS tax code allows you to sell and buy properties without having to declare capital gains or pay those taxes.” Those words certainly sound like music to the ears of many commercial real estate brokers!
From 170 Exchange to Micro Loans Funding Philanthropic Causes
The Welfont Group disburses micro loans through the Mercy Foundation in order to help those who are less fortunate all around the world. These micro loans are usually used by small businesses, usually family managed, to expand so that they could make small but effective changes that help them get out of debilitating poverty. One example is a family in Georgia that uses the micro loan to buy more milk cows so that the family can make and sell more cheese products. The extra income is then used to renovate their dilapidated house, repay the micro loan and reinvested into the family dairy business. Instead of relying on donations, this family pulls itself out of poverty. What a beautiful thing to see.