You can make a gift of real estate or of property such as artwork or collectibles. This allows you to remove a large taxable asset from your estate and receive an income tax deduction equal to the appraised fair market value of the property, with no capital gains tax due on the transfer.
How it Works
- You deed your home, vacation home, undeveloped property, or commercial building to AE911Truth.
- AE911Truth may use the property or sell it and use the proceeds.
- You receive an income tax deduction for the fair market value of the real estate.
- You pay no capital gains tax on the transfer.
- You can direct the proceeds from your gift to a specific program at AE911Turth.
Is this gift right for you?
A gift of real estate is for you if…
- You hold readily marketable residential, commercial, or undeveloped real estate that has risen in value that you no longer wish to maintain.
- You are concerned about rising real estate taxes and the capital gains cost of selling the property.
- You have vacation property no longer needed by any family member.
- You would like to consider using your real property for a life income giving arrangement.
- The property is useful to our mission or can be sold easily.
We are happy to consider gifts of residential, commercial, and undeveloped real estate.
As with donations of other types of appreciated property, gifts of real estate secure a charitable income tax deduction for you, based on the fair market value of the property, with no capital gains liability for the transfer to AE911Truth.
You can donate real estate to AE911Truth in several ways:
- As an outright donation;
- As the asset to fund a gift plan that will pay you income, such as a charitable trust.
When you are considering a gift of real estate, keep two considerations in mind:
- We will gratefully review your offer and evaluate the condition and marketability of the proposed real estate to determine that the donation is risk free and appropriate for all parties.
- The IRS requires donors of real estate to secure an independent appraisal to establish the fair market value of the property. We can assist you in following the IRS procedures for this appraisal.
How do I know if the property I’d like to donate is going to be helpful to AE911Truth?
Here are some questions we will need to answer to determine if your property will be helpful to us:
- Is the property void of any liens?
- Are there any environmental concerns with the property?
- Can our organization actually use the property for our work?
- Is the property marketable and salable within a reasonable period of time?
- What are the costs associated with accepting and holding the property?
- Can we realize a positive net return on this property?
What are the tax benefits of donating real estate?
You will receive an income tax deduction equal to the appraised fair market value of the property. An independent qualified appraisal is required for this purpose and it is up to the donor to acquire such an appraisal. Donating your property may also reduce your estate costs and taxes as well.
Please contact us if you have already included AE911Truth in your estate planning or if you are considering doing so. Our federal tax I.D. number is 26-1532493. You may want to download a copy of our confirmation of IRS tax-exempt status.