Any type of real property whether it is a personal residence, farm, vacation home, commercial building or undeveloped parcel can constitute a donation of real estate. Property donations may be made outright or through other methods. If the property has appreciated in value and is given outright, you avoid any tax on the capital gain, reduce your taxable estate by the value of the donation and receive a charitable contribution deduction for 100% of the fair market value of the property. Actual income tax savings depend on your tax bracket, but you may deduct the value of the donation up to 30% of your adjusted gross income. Or, you may qualify for a 50% annual deduction by reducing the value of your donated property by 100% of its appreciation, to the cost basis.
Discuss donating real estate with a member of our staff now. You can contact us by email at paul.laxalt@chw.edu, by fax at (775) 770-3545 or by telephone at (775) 770-3519.
The information on this site is not intended as legal advice. For legal advice, please consult an attorney.
