Daniel Burke, Attorney, Rudman Winchell
Donating real estate to a charitable organization can benefit both the charity and the donor. The tax laws provide several methods for donation of real estate, both during a donor’s life or through bequests under a donor’s will, or other gifts taking effect at death.
The simplest method is the outright transfer of property during the donor’s life, by a deed conveying the donor’s entire interest in a property to a qualifying charitable organization. Another method, known as a bargain sale, is the sale of property to the charity for less than fair market value.