Can I donate real estate?
The benefits Donors can enjoy a tax deduction for the fully-appraised fair market value of their property. (The appraisal is the donor's responsibility.) The deduction can be used to offset up to 30 percent of adjusted gross income in the year of the gift, with any excess carried over for up to five additional years.
Donors can also avoid capital gains taxes that would otherwise be payable if they sold the property outright. They can avoid brokerage commissions as well, because the property is not sold through a broker. Donors also avoid estate taxes by having assets removed from their taxable estate, and there are also tax incentives available for certain types of deferred gifts.*
Because of the costs involved in accepting and maintaining properties until they are sold, there is a minimum value for Trade Lands gifts to GFL of $50,000.
All prospective properties to be donated are confidentially inspected to ensure that no ecologically significant attributes or environmental hazards exist.
We urge you to work with qualified tax and legal advisors in order to take full advantage of tax benefits.
Why donate property?
Friends donate property to Giving For Living as a significant way to support the organization. But they also know they will receive attractive financial benefits as a result of the gift. These benefits have contributed to the increasing interest in property donations. Since 2003, over $5.9 billion of real estate and $829 million of art and collectibles has been gifted annually to nonprofit organizations and educational institutions. Depending on the nature of your gift and on your needs and objectives, you can potentially:
- Avoid capital gains taxes due on the sale of property.
- Reduce income taxes
- Reduce estate taxes
- Receive an annual income
- Eliminate the burden of maintaining and paying for property.
- Support Giving For Living in an alternative way.
- Create a significant legacy.
What can be donated?
Almost any type of real estate, residential or commercial, domestic or international, can be offered for donation. Examples include:
- Single-family, vacation, and multi-family homes
- Apartments, condominiums and cooperatives
- Apartment buildings
- Farms, ranches and vineyards
- Undeveloped land, and Industrial property
- Office buildings, Warehouses, and Shopping Centers
- Hotels, motels and resort properties
- Recreational properties, such as golf courses