Your property opens the door to a unique giving opportunity. From townhomes to farmland, many types of real estate assets can be donated to qualified non-profit organizations like the Anne Carlsen Center. You’ll be helping a good cause, enjoying tax benefits, and potentially setting up a lifetime stream of income.
You can donate your property outright, place it in a trust or give it through your will. All of these methods will enable you to enjoy personal financial benefits while supporting our work in a meaningful way.
Profile of a Giver of This Gift
- You want to make a significant gift that benefits our organization.
- The expenses and obligations of owning your property outweigh the income you receive from it.
- You don’t have family members or loved ones who wish to take on the responsibilities or costs of owning your property after you’re out of your home.
- You want immediate income tax relief as well as elimination of capital gains tax on the property’s appreciation.
Is This Gift Right for You?
Aside from a lifetime of memories, your home or other real estate may also carry the weight of a growing capital gains tax liability and the physical responsibilities of ownership. Making a donation of real estate can ease these burdens. But most important, it can help fund your desire to be a part of the future success of the Anne Carlsen Center.
Benefits of This Gift
In addition to freeing you from the costs and responsibilities of ownership, making an outright gift of property that you’ve owned for more than a year offers these benefits:
- You obtain an income tax charitable deduction equal to the property’s full fair market value. This deduction reduces the cost of making your gift and frees cash that otherwise would have been used to pay taxes.
- You eliminate capital gains tax on the property’s appreciation.
- The transfer isn’t subject to the gift tax, and the gift reduces your future taxable estate.
How to Make This Gift
1.) Let us know your intentions. Once we are aware of your plans for making this type of donation, we will want to make sure your goals can be realized within our gift acceptance policies. We will also need to inspect the property and perform other types of due diligence.
2.) Determine how you would like your donation used. Do you have a particular program in mind that you would like to fund with your gift? Will your gift be unrestricted, enabling us to use the proceeds for our most crucial needs? If you choose to specify the ultimate purpose of your gift, please let us know so we can ensure that your intentions can be fulfilled.
3.) Meet with your professional advisors. Discuss your possible tax and financial benefits with your professional advisors to ensure that this gift meets your goals. An estate planning attorney can also prepare the necessary legal documents, including a deed transfer, to the Anne Carlsen Center. You will also need to arrange for a qualified appraisal of the property to document your charitable income tax deduction.
4.) Meet with us to finalize your gift. During this meeting, we will review the three steps above and complete any necessary paperwork on our end. The details will vary depending on your property and the nature of your donation.
For More Information
We understand these gifts are complicated, that’s why we would be happy to work with you and your advisors to discuss a potential gift that meets your financial goals while also supporting our mission. You are not alone in making these life-impacting decisions. Please contact the Anne Carlsen Center Foundation at 1-800-568-5175 to help you answer any questions you may have or to futher discuss your giving options.
For Additional Resource Information Click Here
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
No Comments (yet)