Gifts of Real Estate
- Receive a significant charitable tax deduction for outright gifts
- Create an income stream for yourself or a loved one
- Contribute more and increase your charitable impact
The Community Foundation can help you turn your home, vacation home, business property or land into a charitable gift through the Western North Carolina Real Estate Foundation, an affiliate of CFWNC.
When you give real property that you have owned for more than a year, your gift qualifies for an income tax charitable deduction equal to the property’s full fair market value. You also avoid tax on long-term capital gain. Proceeds from the property’s sale can create or be added to a CFWNC fund.
Real estate can also create a gift that provides income to you or a loved one. Or, use a “retained life estate” arrangement that allows you to continue living in your home or using your vacation home, then have the property become a part of your charitable legacy.
Gifts of real estate require due diligence prior to the contribution, usually including a site visit to the property, a qualified appraisal, a preliminary title report, and an environmental assessment. We make the process as easy as possible, managing and selling the property after it is contributed.