Giving real estate is a great option for someone who has appreciated real estate that is not “needed.” This can provide a sizeable income tax deduction for the donor.
Doing so removes taxable assets from the estate and offers an immediate deduction for the full value of the property. This type of gift allows the donor to completely avoid capital gains taxes and delivers immediate benefits to Hough Ear Institute.
This, as with many planned gifts, requires a great deal of coordination between the charity and other tax, accounting, and real estate professionals. However, it can be an amazing experience for the donor(s) and the charity! Please consult your attorney, CPA, or financial advisor for any tax advice. If you have additional questions, please contact me at email@example.com or 405.471.9109.