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Residences, office buildings, apartments, vacation homes, agricultural property and undeveloped land all may be attractive assets for giving.
Investors who have done well over the years trading property on a tax-deferred basis – so-called “like-kind exchanges” – may own land with a very low cost basis. Such people face severe capital gains taxes if they sell. But charitable gifts make such taxes disappear, even where donors keep lifetime income from their gifts.
Commercial real estate owners generally have taken depreciation deductions on their buildings, and therefore face expanded capital gains taxes – at a 25% rate – upon sale. A unitrust can avoid these taxes when the property is sold and provide donors with lifetime income and significant charitable deductions.
Gifts of real estate can be extremely satisfying, but they require careful planning. We hope you will contact our office to explore the potential that your real estate may have for making a meaningful contribution to our future.
Copyright © 2009 by R&R Newkirk. All rights reserved.
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