Gifts of Real Estate
on the circumstances that are involved, gifts of real estate can be an effective
means of planning a gift. Much of the individual wealth in America is invested
in real estate. While the first thought often is a home or farm, real estate also
can involve a vacation or second home, an apartment or commercial building, a
shopping center, or undeveloped land.
Often our real estate holdings, be
it our house, a second home or investment property, is a significant part of our
net worth. Gifts of real estate, therefore, can enable us to make significant
contributions. Each piece of property and its unique circumstances need to be
reviewed to determine the suitability of the property as a gift. Generally speaking,
a rule of thumb is that an acceptable piece of property is one that can be readily
Also, there are many ways to donate property. It can be an outright
gift, a retained life estate, or placed
in a trust (such as a charitable remainder trust). In any case, while
we discuss some generalities here about donating real estate, if you are considering
such a gift to Concert Series, please contact us to discuss its suitability.
In addition to making a significant contribution,
there can be other benefits for you:
There may be a charitable
income tax deduction that would lower your income tax.
property has appreciated in value since you acquired it, there might be a large
capital gain tax that would result if you sold it. By donating the property, you
may be able to avoid realizing the capital gains.
your state regulations, you may be able to turn the property into a gift that
is structured to provide income for you and a beneficiary.
the property is your home or farm, you may be able to make a gift of it now and
continue to live in it for the rest of your life and receive tax benefits the
year of the gift.
If the contribution from your property exceeds
the allowable charitable deduction limits, the deduction may be carried forward
for five years.
There can be significant advantages to using
property as a charitable gift. Please contact us to discuss your unique circumstances.
note, individual financial circumstances will vary. The information on this
site does not constitute legal or tax advice. Donor stories and photographs
are for purposes of illustration only. As with all tax and estate planning,
please consult your attorney or estate specialist. All material is copyrighted
and is for viewing purposes only. Use of this site signifies your agreement
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