Astor St. Tax Advantages
The elegant Carter Harrison, Jr. residence at 1401 N. Astor on the historic Gold Coast offers the new owner a huge charitable tax advantage. The buyer could receive as much as a $600,000 non-cash Internal Revenue Service income-tax deduction in 2004, thanks to an obscure landmark federal tax law passed in 1980, according to Sharon Sweeney, sales associate for Rubloff Residential Properties, which currently is listing the home for sale at $3.95 million.
The law provides qualified owners with a preservation easement in the form of a one-time charitable tax deduction ranging from 10 percent to 15 percent of the fair market value of the property. In return, owners promise to maintain and never tear down the historic landmark property.
Most historic single-family homes are typically found in affluent area ranging from $500,000 to $10 million. Lincoln Park’s historic neighborhoods include the Gold Coast, Sheffield Historic District, Mid North Historic District, Old Town Triangle District. There also are historic districts in East Ravenswood and Uptown’s Buena Park and Sheridan Park enclaves.
The luxury 4-story single-family home, located in the Astor Street District, is a showcase of timeless elegance and palatial living. The Georgian Revival home, built in the 1800s, was named for Carter Harrison, Jr. who lived there until 1905 and was the second Carter Harrison to serve as mayor of Chicago. Harrison, Jr. was elected after his father’s assassination at the 1893 World’s Columbian Exposition |
