Charitable Donations of Real Estate
If you own real estate that you do not want or that you cannot use, please consider donating this property to Assumption BVM as a legacy gift. Donating property to Assumption BVM will avoid paying capital gains and broker’s fees, as well as providing charitable income tax deduction.
For example, if you have inherited property for which you are paying real estate taxes and insurance, if have own a vacation home that you cannot use, or if you have a commercial property that is not meeting your business needs, a charitable donation may be mutually advantageous to you and your parish. Donating the property will avoid a lengthy sale and closing process and you will be able to claim your deduction as soon as the donation is completed.
Donating real estate to a charitable organization requires a recent property appraisal. Suitable properties are those that are relatively easy for Assumption BVM to liquidate, with minimal chances of incurring liability or major carrying costs prior to the sale. You will be entitled to a deduction for the appraised value minus any outstanding liens or mortgages.
For more information contact Gene Fogarty, Development Council President, at genefogarty@verizon.net, or call (610) 742-5289.