Gift of Real Estate
There are various ways you can donate real estate:
- Outright Gift - This is the simplest form of transferring real estate. If the property has been held for over 12 months, a gift to charity entitles you to an income tax deduction for the full market value.
- Bargain Sale - A bargain sale is part sale and part gift. If you want to make a contribution to charity using real estate but, at the same time, you would like some immediate cash from the transaction, you can sell the property to the charity in a bargain sale.
- Life Estate - You can contribute a personal residence or farm to charity and continue to occupy the property until death. You qualify for a current income tax deduction for the property's discounted value and continue to enjoy the use of the property.
For any questions you may have on a gift of real estate, please contact us. We will be glad to help you.