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Archives Making a gift of real estate

Jan. 11, 2017

By Scott Lalone
Executive director, Diocesan Development Office

A gift of real estate can be of great benefit to both you and the diocese, your parish, Catholic school, or other diocesan organization you choose. 

Since the Diocese of Ogdensburg, your parish, Catholic school or other diocesan organizations or programs are qualified charitable organizations, they can sell real estate gifts without incurring tax on the appreciation.
If you sell real estate you have owned for a number of years, it is likely you will be faced with a sizable capital gains tax. Through an outright gift such as property, a sizeable tax saving is possible.

First, in most cases you will receive a charitable income tax deduction for the full value of the property.
In addition, since the property was given rather than sold, you will not be liable for capital gains taxes on the transfer.

When deciding to make a charitable gift in the form of real estate, it is very important to choose property that meets a number of criteria. The property should be readily saleable; the property’s appraised value must equal the amount of the anticipated gift if property is mortgaged, tax and other benefits may still be obtained, but special attention should be paid to the manner in which the property is given.

There are a number of ways to make a real estate gift. You could give the entire property, you could give a portion of the property or you could give your property and continue to live there.

Further information on gifts of real estate, is available from the diocesan Development Office at 315-393-2920.

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