Many are burdened with unwanted property simply because they are unaware of their options. In numerous circumstances, selling is not ideal for unproductive property due to the hefty costs involved that overshadow the actual property worth. Because of this, many people hold on to idle real estate for lack of a better alternative, and are frustrated paying excessive costs without seeing any return on their investment. But gifting real estate is an option with several benefits.
A personal residence, farm, vacation home, commercial building or undeveloped parcel can constitute a donation of real estate.
The benefits of donating real estate to Summit Ministries include:
- Avoiding federal and state tax on the capital gain on the appreciated portion of the property that would have been taxable if the property was sold
- An income tax deduction equal to the full fair market value of the contributed property
- Estate tax savings as well as avoiding probate are other possible benefits
If you are interested in making a charitable real estate donation, please contact us to discuss the details.