Donate Your Property for a Good Cause
How to donate your property
Perhaps you have outgrown a family home, inherited a house that you don’t need or invested in a development that is not selling fast enough. Perhaps you’re ready to sell, but don’t want to pay significant capital gains tax. LSH accepts these donations from individuals and corporations. You will receive a tax-deductible receipt for the full appraised value of the donated property, while simultaneously removing a large taxable asset from your estate. You can enjoy freedom from property maintenance and the hassle of selling a house, and do good for your community at the same time.
If you are planning to make a relatively substantial contribution to LSH, you may want to consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and LSH will be happy to receive the stock.
This kind of donation is recognized as a savvy financial planning tool, following the general rule that the deduction for a donation of property to charity is equal to the fair market value of the donated property. Where the donated property is “gain” property, the donor does not have to recognize the gain on the donated property. This allows for the “doubling up,” so to speak, of tax benefits: a charitable deduction, plus avoiding tax on the appreciation in value of the donated property.
Other Tangible Assets
Do you have a house full of artwork or antiques? A classic car that’s been sitting in the garage for a decade? There’s a philanthropic way to unload them.
Kiplinger notes that many more donors are now looking to give such assets to charity. One reason is that donating these kinds of holdings won’t diminish the cash and other liquid assets available to cover the donor’s living expenses.
As always, we are happy to discuss any of these options and to answer any of your questions.
Contact Randy Stein, CEO, at 800.647.6638 or firstname.lastname@example.org.
How to Donate: