| WHAT?
If you own unwanted land property, you have the choice of converting
your estate into a useful investment for human capital. You can
do so by donating your primary residence, vacation home no longer
used, or land with cost of ownership (taxes and insurance) with
no offsetting return or income.
WHY?
When you make an outright gift of real property held for more than
a year, you obtain an income tax charitable contribution deduction
equal to the property’s full fair market value. You also avoid
capital gains tax on the property’s appreciation.
HOW?
Here are two ways of donating real estate to the DCCCD Foundation:
- An
outright gift by deeding your property to the Foundation.
Your deduction for a gift of appreciated real estate in any year
is generally limited to 30 percent of your adjusted gross income,
with a five-year carryover of the unused deduction. The amount
of your deduction for a gift of real estate must be substantiated
by a qualified appraisal of its fair market value.
-
Naming the Foundation as the beneficiary of the real estate
in your will. Foundation staff would be happy to work
with your attorney on specific wording required. The property
will not be taxed in your estate. However, you will not be able
to take an income tax deduction.
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> Charitable
Remainder Trusts
> Giving
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> Giving
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