Donating to local charities is a great way to give back to your community. While many people choose to donate cash, there is another option that can provide even more significant benefits: real estate.
One advantage of donating real estate is that it can provide significant tax benefits. When you donate property to a qualified charity or community foundation, you can deduct the property's fair market value from your income taxes. This can result in significant savings, especially if you are in a high tax bracket. Additionally, if you donate real estate that has appreciated in value, you can avoid paying capital gains taxes on the appreciation. This can result in even greater tax savings.
Donating real estate can be a great way to leave a legacy. By donating property, you can ensure that your impact will be felt for years to come. Your donation can create an endowed fund and legacy of support for the causes or organizations making a real difference in your community. And your legacy can continue to grow long after you are gone.
If you are pondering what to do with your unused or unwanted real estate, be sure to explore using it as a charitable donation. Cole Eason, Vice President of Advancement, would be happy to discuss how your land can create positive change in your community.
Email Cole or call (816) 912-4182.