Giving Real Estate
Charitable gifts of real estate frequently save the donor thousand of dollars in income or estate taxes. Gifts of real estate can secure a charitable income tax deduction for the donor, based on the fair market value of the property, with no capital gains liability for the transfer.
If the gifted property is a long-term asset, held for more than 12 months, you will receive a charitable income tax deduction based upon the appraised value of the property. You may apply the deduction for up to 30% of your adjusted gross income and carry it forward for up to five additional years. Furthermore, you no longer have to pay real estate taxes, maintenance costs, insurance and capital gains taxes on the property’s appreciation. You also avoid capital gains taxes on the transfer and you remove the asset from your taxable estate.
If you are using the real estate, you can irrevocably deed a residence (home, cabin or farm) to the Foundation, but reserve the right to use it during your lifetime. This arrangement creates an immediate income tax deduction and a federal estate tax deduction.
For many donors, gifts of real estate provide immediate tax benefits and the knowledge and satisfaction that the gift is directly benefiting Central Washington Hospital. We will gratefully review your gift possibility, evaluate the marketability of the property, and determine the suitability of the gift. Please contact us to discuss this option.
Read about giving a cash donation
Read about donating stocks or securities