Gifts of Real Estate
Donating appreciated real estate, such as a home, farm, vacation property, undeveloped land or commercial property, can support the ministry of The Glenmary Home Missioners.
Benefits of Gifts of Real Estate
- You can avoid paying capital gains tax on the sale of the real estate.
- You can receive a charitable income tax deduction based on the appraised value of the gift.
- You will leave a lasting legacy to The Glenmary Home Missioners.
Examples of Real Estate Gifts
- Land, improved and unimproved
- Detached single-family residence
- Apartment Building
- Commercial Property
- Rental property
- Time-share Property
How to Make a Gift of Real Estate
A gift of real property may be donated to The Glenmary Home Missioners by executing or signing a deed transferring ownership. You may deed all or part of your real property to The Glenmary Home Missioners. The date that Glenmary receives a properly executed deed is the delivery date. If the deed must be recorded to effectuate title under local law, the delivery date is the date of the recording. Your gift will generally be based on the property’s fair market value, which must be established by an independent appraisal.
Donors who intend to gift real estate to The Glenmary Home Missioners must make their gift proposal in writing for review by the Glenmary Gift Acceptance Committee. Required documentation for the proposal includes title, real estate deed, qualified appraisal, environmental audit, market feasibility study, property survey, recent tax and utility bills, substantiation of zoning status and other disclosure documentation as applicable to the property.
Potential gifts of real estate should meet the following criteria:
- Be of sufficient value so that Glenmary will realize significant benefit from the gift, considering legal, administrative and other associated costs likely to be incurred with acceptance of the real estate.
- Be readily marketable at or close to appraisal value.
- Be free of any liens, loans or other special conditions that would place Glenmary in the position of incurring significant potential additional expense, risk or liability, or which would restrict Glenmary to use the property in any manner determined best for furthering Glenmary’s mission or would place undue burdens in maintaining the gift prior to its sale.
For more information about gifts of real estate or gift acceptance procedures, please contact us at 513 874-8900 or use our contact form.
This information is not legal advice. A donor should seek the guidance of a qualified estate and/or tax professional to understand the consequences of a gift.