More and more businesses and individuals are realizing the benefits of donating real estate to JFCS. This makes sense for several reasons, not the least of which is avoiding the expense of marketing the property.
And it will certainly boost your company's image in the community by sharing your good fortune with those who rely on JFCS for support.
Donations of land can produce highly beneficial tax results. Many real estate holdings have appreciated greatly in recent years and may be subject to capital gains taxes if sold. Donation of real estate directly to JFCS or through the use of a charitable remainder trust often minimizes these taxes and provides an income tax deduction.
So when you give a gift of your home or real property to JFCS, you may claim an income tax charitable deduction based on the full market value of the gift, avoid capital gains taxes, and eliminate certain costs associated with the transfer of real property. Gifts of real estate can also provide income for you.
Because special IRS regulations apply to the contribution of real estate, such as substantiation of value through a "qualified appraisal" and depreciation recapture, it is important to obtain professional advice if you are thinking about donating real estate.
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