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Real Estate Gifts

The Gene Therapy Institute for Hispanic Medical Research will accept real estate donations of residential, commercial, or underdeveloped property. The gifts of real estate guarantee a charitable income tax deduction for you, based on the fair market value of the property, with no capital gains liability for the transfer. Gifts of real estate frequently could save you thousands of dollars in income or estate taxes.

1. The Real Estate properties are long-term assets that could be held for over one year. You will obtain a charitable income tax deduction based on the worth of the property. You could apply the deductions for up to 30 percent of your adjusted gross income and bring them up five more years. Additionally, you are not responsible for paying real estate taxes, maintenance costs, insurance, and capital gains taxes on the property value. You also elude capital gains taxes on the transfer and remove the asset from your taxable estate.
2. If you are still using your real estate, you can permanently donate a residence, home, farm, or ranch, but keep the right to use it during your lifetime. This agreement creates a direct income tax deduction and a federal estate tax deduction.
3. If you need income, your real estate donation can produce income for you by funding a life income gift.
4. The Institute will evaluate your gift and appraise the condition and marketability of the assets.

1. You will need to get a philanthropy title report and an independent appraisal.
2. The Institute will inspect the property and complete an environmental checklist. The Institute may require doing an environmental study in some cases.
3. The IRS needs an independent appraisal to evaluate the fair market value of the property. The Institute will help you in following the IRS procedures.

For more information, please email us or call (530) 979-1288.