As this page amounts to multiple lists of regulatory and IRS requirements, we'll just present the items as succinctly as possible.
Herewith, the qualified appraisal requirements for gifting real property:
Here are the key policies and procedures to have in place for accepting gifts of real property:
While working with donors on a potential gift of real estate, part of the fun is helping them realize the numerous gifting variations available.
In a word, gifting real estate offers the donor a great deal of flexibility.
Reasons there may be a consideration of a gift of real property: owner is getting older and is tired of the hassles of ownership, they have a second home they seldom use and the children don't want it.
From a tax perspective, the gift value of real property intended to be a charitable gift is based solely on the appraised value.
Charitable giving of real estate offers donors two big advantages:
Do you know what to do if someone wants to make a gift of real estate to your organization? Check out the GPFG to learn more about this great opportunity for many donors and nonprofits.