Gifts of Real Estate
A Tax Wise Gift
If you are thinking of selling land or a building, beware of capital gains tax. If you sell your primary residence, you can exclude up to $250,000 ($500,000 if you are married) of the gain. This tax break does not apply to other types of real estate. Instead, consider the advantages of making a charitable contribution of real estate.
When you donate real estate-a vacation home, a farm, commercial real estate, or even your home-to the BSO, you provide vital resources in support of the Orchestra's mission. Real estate can be given outright, used to fund a charitable trust, or, in some cases, donated subject to a life estate.
Planned gifts funded with real estate can be an excellent way to increase income and reduce income, capital gains and estate taxes. Nevertheless, gifts of real estate require the donor and the charity to take steps to ensure that the gift is suitable for both parties. These steps include completing an appraisal and an environmental assessment. We will be happy to help guide you through these steps. Contact the Office of Planned Giving at firstname.lastname@example.org for more details.
- Receive an income tax charitable deduction for the full fair market value (for outright gifts).
- Create an income stream when establishing a charitable remainder trust.
- Avoid tax on the property's appreciation.
- Avoid the hassle of trying to sell the property.
- Reduce your taxable estate.
The BSO's Tax identification (501(c(3)) Number is 04-2103550.
For more information, please
Jill M. Ng
Director of Planned Giving and Senior Major Gifts Officer