An Example of How It WorksRead More
An Example of How It Works
Janet purchased a rental property years ago and has watched it grow steadily in value. Still active in her career and traveling frequently, she's beginning to find management of the property more and more of a hassle. At this stage of her life, Janet has decided to move to a 55+ condominium development, where all exterior maintenance is provided and she doesn't have to worry about security issues. Janet sees this as an opportunity to give her rental property to a charity that's important to her while realizing valuable tax benefits.
Janet avoids capital gains tax on the appreciation and qualifies for a federal income tax charitable deduction of $250,000, which is for the property's fair market value today. She is able to claim 30 percent of her $200,000 adjusted gross income, or $60,000, in the year of the gift. In the five years following, she can continue to use up the remaining $190,000 deduction. Janet is happy in her new condo and loves knowing that the gift of her property will make a big difference supporting our mission.
- Contact Trina Hall at 218.299.3445 or email@example.com to discuss the possibility of giving real estate to Concordia College.
- Seek the advice of your financial or legal advisor to make sure this gift fits your goals.
- If you include Concordia College in your plans, please use our legal name and federal tax ID.
Legal Name: Concordia College
Address: Moorhead, MN
Federal Tax ID Number: 41-0693977