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Gift of Real Estate
A charitable contribution of real estate — whether it is your personal residence, a vacation home, a farm, commercial real estate, or vacant land — can give you numerous advantages.
If you sell your Primary Residence, you can exclude up to $250,000 (for a single person) or $500,000 (for married couples) of the net sales gain. However, this tax break does not apply to other types of real estate such as vacation homes. Donating real estate to COA may be more advantageous than selling it.
In addition to giving it outright, there are other ways to use real estate as a charitable gift.
- Funding a Life-income Gift
- Bargain Sale: Even if you want to reap some of the value of your property and have it go to charity, you can conduct a bargain sale that allows you a deduction for the difference between the fair market value and the price COA pays you for the property.
- A Life Estate: When you give your home or other real estate to College of the Atlantic, you create an enduring testimonial of your interest in our mission. What’s more, your personal satisfaction is complemented by valuable tax benefits.
Let’s assume you like the tax advantages a charitable gift of real estate would offer, but you want to continue living in your home. You can give COA your house, while continuing to live there.
- You ensure the lifetime use of your residence for yourself and/or others.
- You will receive an income tax savings through charitable deduction.
- You will receive estate tax savings for you and your spouse.
- You will have the ability to gift only partial interest in property and still receive tax advantages.
- A gift of your home, farm, vacation home or condominium, even with stipulations about occupancy, often results in a charitable deduction for income tax purposes.
- The retained life estate may also provide you with a way to give someone other than you or your spouse, perhaps a sibling or child, occupancy of your home for life, with reduced tax obligations.
- Avoidance of tax on property’s appreciation.
- No hassle from trying to sell the property.
- No gift tax, plus a reduction of your taxable estate.
- An income tax charitable deduction for the full fair market value.