REAL ESTATE
A gift of Real Estate allows you to give an immediate gift and receive an immediate tax receipt for the fair market value of the property. Gifts of Real Estate include principal residences, farms, land and commercial property. Giving a gift of real estate allows you to simplify your estate and give to Campbellford Memorial Hospital Foundation during your lifetime. This type of gift may appeal if you are looking at ways to reduce your income tax now and are not in need of the dollar proceeds of the sale.
How You Benefit From Gifts of Real Estate
Opportunity:
You may not have liquid assets to fund a gift, however may have property. The property can be donated allowing you to make a larger gift than could be made out of cash flow.
Tax Advantages:
You receive a charitable tax receipt, thereby increasing after tax income.
The five year carry forward provision allows effective tax planning today rather than the one-year carry back upon death.
If your principal residence is given, no capital gains tax is triggered. However, a charitable tax receipt will be issued by Campbellford Memorial Hospital Foundation for the full fair market value of the property.
Recognition:
You and your gift can be honoured during your lifetime.
Reduction of Fees:
Your asset has been removed from your estate thereby decreasing probate fees upon death.
How does it work?
Campbellford Memorial Hospital Foundation begins the valuation process. An independent appraiser must appraise the property. After the fair market value is determined, you sign and deliver a deed transferring the property to Campbellford Memorial Hospital Foundation. A tax receipt is then issued for the fair market value as of the day on which the transfer takes place.
Seek Expert Advice
If you are thinking about transferring assets that have appreciated in value, you should seek expert advice from a tax specialist or financial planner. Campbellford Memorial Hospital Foundation strongly recommends professional advice to ensure that your financial goals are considered, your tax situation reviewed and your planned gift is tailored to your circumstances. For further information, please call our office at 705-632-2014.