Real Estate: How to Complete Your Gift
Along with a lifetime of memories, your home or other real estate may also carry the weight of a growing capital gains tax liability and the physical responsibilities of ownership. Making a donation of real estate can ease these burdens. But most important, it can help fund your desire to be a part of our future success.
1. Let us know your intentions. Once we are aware of your plans for making this type of donation, we will want to make sure your goals can be realized within our gift acceptance policies. We will also need to inspect the property and perform other types of due diligence.
2. Determine how you would like your donation used. Do you have a particular program in mind that you would like to fund with your gift? Will your gift be unrestricted, enabling us to use the proceeds for our most pressing needs? If you choose to specify the ultimate purpose of your gift, please let us know so we can ensure that your intentions can be fulfilled.
A “qualified appraiser” is a person who holds an appraisal designation from a recognized professional organization, regularly performs appraisals for compensation and meets all other requirements prescribed by the IRS.
3. Meet with your professional advisors. Discuss your possible tax and financial benefits with your professional advisors to ensure that this gift meets your goals. An estate planning attorney can also prepare the necessary legal documents, including a deed transfer, to PETA. You will also need to arrange for a qualified appraisal of the property to document your charitable income tax deduction.
4. Meet with us to finalize your gift. During this meeting, we will review the three steps above and complete any necessary paperwork on our end. The details will vary depending on your property and the nature of your donation. Finally, let us thank you for your gift!
If you have any questions about these steps or how to begin the process of completing your gift of real estate, please contact Tim Enstice at 757-962-8213 or email@example.com.