Page: Planned Giving Reduce Taxes By Giving Gifts Of Real Estate
Page text from: https://www.foresthome.org/planned-giving/reduce-taxes-by-giving/gifts-of-real-estate
Joyful Generosity
Simplify Giving + Less Taxes + Multiply Impact
Gifts of Real Estate
We Know Real Estate. We Can Help.
Real estate you’ve had for generations can also be a gift for generations to come. By donating all or part of your property to Forest Home, you may be able to reduce or eliminate your capital gains tax, receive an income tax deduction and possibly receive income for life. Best of all, your gift will make it possible for children, youth and families to experience the life-changing power of the Gospel at Forest Home.
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How It Works
- You deed part or all of your property (such as a home, vacation home, commercial building or investment property) to Forest Home.
- You receive an income tax deduction and avoid paying capital gains tax
- Forest Home may use the property for ministry, or rent it or sell it and use the proceeds to support the ministry of Forest Home
Benefits
You receive an income tax deduction based on an independent appraisal of the fair market value of the real estate
- You avoid paying capital gains tax on the sale of the property
- Your ownership responsibilities are eliminated
- Real estate gifts are usually made outright, but in some cases, may be used to fund a life-income arrangement
- You experience the joy of making it possible for children, youth and families to experience the life-changing power of the Gospel at Forest Home
A Gift of Real Estate May Be for You If:
- You hold residential, commercial or undeveloped real estate that has risen in value
- You no longer wish to be involved with the maintenance and management of real estate
- You are concerned about rising real estate taxes and the capital gains cost of selling the property
- The property is marketable or useful to the ministry of Forest Home
More Information
- You will need to have an independent appraisal of the fair market value of the real estate
- Debt financed property may be subject to IRS bargain sale rules and debt-financed income rules
- Forest Home must first review and approve any real estate contribution with regard to issues of liability and marketability