Donate Real Estate
There are two ways we can accept a gift of property.
- Designate in your will that proceeds from the sale of a home, vacation home, undeveloped property or a commercial building go to The Andrew Goodman Foundation, Inc. Your executor arranges the sale and distributes the proceeds to AGF.
- Deed your property to The Andrew Goodman Foundation, Inc., through a charitable remainder unitrust. You set up the unitrust, transfer the asset to it, and collect an annual payment based on the value of the unitrust asset. The Andrew Goodman Foundation would be the beneficiary of the unitrust and once the trust sells the property and retains the proceeds, AGF would receive the balance of the value of the asset. Your tax consultant and tax attorney can set up a unitrust for you.
You receive an income tax deduction for the fair market value of the real estate at the time of the transfer. You pay no capital gains tax on the transfer.
Real Estate FAQ
How do I know if the property I’d like to donate is suitable for a trust?
To know if the property is suitable for a trust, determine whether:
- The property has any liens
- There are any environmental concerns with the property
- The property is marketable and salable within a reasonable period of time
- The costs associated with accepting and holding the property are prohibitive
- The trust can realize a positive net return on this propert
What are the tax benefits of donating real estate?
You will receive an income tax deduction equal to the appraised fair market value of the property. An independent qualified appraisal is required for this purpose and it is up to you to acquire such an appraisal. Donating your property may also reduce your estate costs and taxes as well.
Can I arrange for a life income stream for my gift of real estate?
Your gift will fund a charitable remainder unitrust, which will provide you with an income stream for life or a term of years.