A gift of residential, commercial or undeveloped property without a mortgage can provide multiple benefits to donors:
- deduct full market value
- avoid capital gain on increased value
- significantly reduce taxable estate
After we review your offer and evaluate the property's condition and marketability, you will want to confer with your tax advisor and obtain an independent appraisal to value the property and substantiate your deduction per IRS requirements.
Through a trust, you can convert your non-income-producing property into one that delivers regular income for yourself or someone else for lifetime or for a set term of years.
Donate Your Home and Live There Too
Donate your home or vacation home and continue to live in it for your lifetime or for a set term of years. With this "retained life estate" you receive an immediate tax deduction for a portion of your home's appraised value.
You continue to cover all routine expenses such as upkeep, taxes and insurance. When you no longer need the property, LLS will use sale proceeds for the purpose you designate.
Get More Information
To inquire about a gift of real estate, call Kay Koehler, Director of Estate Planning, at 561-312-3573 or e-mail him at firstname.lastname@example.org.