Giving Real Property
Real property as well as cash or securities can be used to make a charitable gift to CCARC. A home—principal residence, second home, vacation home or condominium—can make an excellent donation and generate a tax write-off. A farm, undeveloped land, vacation or commercial property also can be donated.
An outright gift of the entire interest in your home or piece of property entitles you to a federal income tax deduction for the fair market value of that portion, subject to some annual limitations. You also avoid capital gains tax on the appreciation. Be sure to consider the alternative minimum tax, a law which gives preferential treatment to certain kinds of income and allow a special deduction and credits for certain kinds of expenses.
If a tax reduction is less of a motivator, a life estate agreement lets you reside in your home or farm your property as long as you (and your spouse) live. Then the gift becomes the property of the CCARC.
If you need liquid assets now, a plan that is part sale and part gift can be arranged. Or, extra proceeds from the sale can be placed in a trust managed by the financial advisor of your choice.
You can also give the property outright and use the income from it once it is liquidated by your chosen trustee.
If you own real estate and are thinking of making a gift to CCARC, contact the development office. They can assist you through various considerations.
This information is not intended as legal or investment advice. For advice in your particular situation, consult your lawyer or other professional advisor.
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