real estate

Asked by mike · July 9, 2004 · Monetary Laws

Question

lechvod harav, if you have real estate how would u go about tsedaka. im saying if you get checks every months for rent should u give 10% of that or do you wait untill u sell the building, because until you sell it its not profit. thanks

Answer

Answered by Aaron Abadi

You buy a building for $1 million. You're mortgage is $6,000 per month Expenses....$10,000 per month Income $25,000 per month Profit $9,000 per month You give Tzedaka on the $9,000 ....up to $1,800 per month (20% max) Then 6 years later you sell it for $1.5 million... You give Tzedaka for the extra $500,000 and also for the portion of the mortgage paid already... AA (sorry: Correction complements of Jordan/Yair)