donate a real estate property to foundation

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PostPosted: Thu Mar 22, 2012 2:28 pm   Post subject: donate a real estate property to foundation  

ago 60, I was set up a Foundation 4 years ago had not too much activity so far. Can I donate a property into this Foundation and sell it to avoid the capit gain tax and also get some income for life like "CRT". Is it a self-dealing??


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PostPosted: Thu Mar 22, 2012 5:43 pm   Post subject:   

You'd actually set the CRT up first. You're going to donate the property to the CRT where the charity is then going to sell it and buy an annuity with the proceeds and begin paying you an income based on what you decide within allowable parameters.



Now, if you set the charity up, and it hasn't been doing much, you're likely to set off a bunch of red flags by doing this, it'll depend somewhat on the value of the property you are about to donate. You might be better served to find some other charitable organization to donate the property to.

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PostPosted: Wed Apr 11, 2012 6:32 pm   Post subject: donate a real estate property to foundation  

This land worth anywhere from 750k - 900k with no mortgage and no orginal

cost. What is the best way to handle with out capital gain tax?

Also is it a good idea if the buyer ask to give them some mortgage?


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PostPosted: Wed Apr 11, 2012 8:20 pm   Post subject:   

How much did you pay for it? If you are married, you have up to $500,000 of capital gains exclusion. Tax on the remaining $250,000-$400,000 in 2012 would not be more than $60,000.



If you sell the property, you probably cannot escape Capital Gains tax. If you donate to charity, you may be able to claim a charitable contribution for the actual value of the property. Assuming you are in the 30% tax bracket, a $900,000 charitable contribution could be worth up to $270,000 in reduced income tax.



But the only way you are going to get proper advice or information is from your own professional tax adviser or a CPA. Don't rely on anything here as 100% accurate. No one knows your actual situation.



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