Gifts of Real Estate
You can make a substantial contribution to the mission of Metropolitan Ministries by donating real estate. You may donate a home, a vacation home, a condominium, a lot, farmland, or a commercial building. This may be an excellent way to help support our critical mission in the community.
Tax Benefits for You
If you own a piece of property that you no longer need, please consider donating it. You will receive an income tax deduction based on its current fair market value. You will also avoid any capital gains tax, no matter what you paid for it. You may also avoid holding costs, such as insurance, maintenance and property taxes.
Let’s look at an example. Joseph owns 100 acres of farmland that he purchased in 1955 for $400 an acre. Prices have risen, and his land is now worth $20,000 an acre. If he sold it, he would have a large capital gain of $1,960,000. His tax on the gain would be $294,000. Even worse, if he keeps the land and dies with it in his estate, the estate tax could consume half of its value, if he has a taxable estate.
Joseph decides to donate the land to Metropolitan Ministries. His gift provides him with a charitable income tax savings of $540,000. He has avoided capital gains tax and estate tax, while reducing his current income taxes substantially. Most importantly, he has made a major contribution to the mission of Metropolitan Ministries.
Questions? Call John Morgan 813.209.1092 work - cell: 727.423.4000