Did you know that your home, vacation property or land has a significant value for charitable giving?
[pullquote]In addition to getting the maximum tax deduction allowed by law based on the property’s fair market value, you avoid capital gains tax and future estate taxes.[/pullquote]As the real estate market grows, many San Diegans are utilizing this unique form of philanthropy to increase their charitable giving while maximizing the impact they have on their community through support of local nonprofit organizations.
Gifting real estate is a strategic, win-win opportunity that is one of the most effective ways you can give back and help others.
Gifts of real estate allow you to receive multiple tax benefits. In addition to getting the maximum tax deduction allowed by law based on the property’s fair market value, you avoid capital gains tax and future estate taxes.
The process is also easier than you think.
The amount of your deduction generally depends on whether the real estate has been in your hands for less than one year (short-term) or more than one year (long-term).
However, there are important things to know depending on the type of real estate you want to give. For example, how you structure your gift will determine what type of deduction you receive. It may also make sense for you to make a gift to a Charitable Remainder Trust, which allows you to receive additional benefits and income for life.
Every situation is unique and The San Diego Foundation works with you to evaluate all your options and determine the need for marketability evaluations, disclosures, evidence of title and other necessary assessments or investigations.
Working with your professional advisor, The San Diego Foundation evaluates the best timing of the gift and the form of giving that will maximize your financial and charitable goals.
Once an appraiser assesses the value of the property, we then visit the site before accepting the property and its title. At that point, The San Diego Foundation’s team will market the property and manage it during the sale process to seek the best possible price.
After the property is sold, the funds are transferred to your fund at The San Diego Foundation and you can begin supporting the nonprofit organizations and causes you care about most.
While gifts of real estate can be more complex and less liquid than conventional assets that donors give, working with a community foundation alleviates many of the challenges for you, the donor.
The San Diego Foundation’s team of experts work with your professional advisor to manage the process so you can focus on the joyful part of philanthropy – the impact.
Contact us today and start the conversation about gifting real estate.
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On August 9, 2022, we awarded $838,704 in Opening the Outdoors grants to 24 nonprofit organizations that offer equitable access to outdoor spaces in San Diego County.
“San Diego Foundation is proud to once again support its partners committed to increasing community-driven efforts to enhance accessible outdoor space, encourage youth to learn more through hands-on education and create the next generation of environmental stewards in the San Diego region,” said Christiana DeBenedict, SDF Director of Environment Initiatives.
This year’s grantees will help address these inequities and enhance access to the outdoors throughout San Diego County.
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