Gifts of real estate
- You avoid all the capital gains tax you would have paid had you sold the real estate outright.
- You receive an income tax deduction for the full market value of the property.
- If the deduction is more than you can use in the year of the gift, you can carry it forward for five additional years and receive the deduction in future years.
- You avoid the hassles of managing real estate and the expenses of marketing and selling real estate as well.
- Because real estate is often quite valuable, you can make a significant impact on the programs at North Star Fund.
Sue owns a beach condo on Fire Island that she purchased years ago for $100,000, which is now valued at $500,000. She used to visit regularly but now finds the condo has become a burden. She can give the condo to North Star Fund, receive a tax deduction for the entire $500,000, avoid paying tax on the $400,000 capital gain, and relieve herself of the expense of maintaining the property.
- Please contact Elz Cuya Jones and tell her that you would like to consider a gift of real estate to North Star Fund, giving the location, value, and nature of the property.
- A representative from North Star Fund will discuss the gift with you and then walk you through the process.
- North Star Fund has a checklist of information about potential gifts of real estate; this will form the basis for the conversation about the gift.
If you would like to learn more about this kind of gift or if you would like to see a confidential example designed specifically for you, please call 212-620-9110 or send an email to Kofo Anifalaje, Development Officer at Kofo@northstarfund.org.