Real Estate

Real Estate: Questions to Ask

You ask your donor the Perfect Question, and when you do, they inform you that they no longer use their condo in Florida, and as such want to get rid of it. With a little more conversation, you find that they're interested in learning more about how to use the condo to make a difference for your organization. 

In determining if the condo will make a smart gift for your organization and your donor, there are a number of questions that you need to have answered: 

1. What is the property type? 

Pre-Arranged Sale

When dealing with potential gifts of non-cash assets, we must be cognizant of the general rules around a pre-arranged sale. This is a bit tricky, because what constitutes a pre-arranged sale is not necessarily an easy thing to determine, and the guidance isn’t always clear from the IRS.