Gifts of Real Property

• If you sell property, will you owe significant taxes?
• Do you own property you don't use anymore?
• Do you have property that's a burden to manage?

Did you know donating real property to a charitable organization may give you a tax deduction for the full value of the property, even if the property cost you far less than its current value?  Meaning, if you own a condominium you purchased 25 years ago for $40,000 and today it’s worth $400,000, you can donate that condominium to AFH and may be able to take a tax deduction of up to $400,000.  (This is similar to individuals donating appreciated equities, e.g., public stock.  For example, if someone purchased Apple Computer in 1985 for $10.00 a share and donates it today, after splits, etc, at a value of $1,000 per share, they may be able to get a $1,000 charitable deduction on the federal tax returns.)

Because AFH is in the charitable business of providing housing for homeless individuals, your donation of real property (condominiums, homes, developable land and other real property) will go to the best and most appropriate use.  For more information, contact Joe Berman (joeberman1@gmail.com) or Steve Schwat (sschwat@uipllc.com).