Different forms of real estate serve different purposes in your lifetime. Sometimes, that purpose comes to an end.
There are many ways to use real estate (including your personal residence, vacation home, farm, rental or commercial property, or even undeveloped land) to make a charitable gift to the Capuchin friars. Each has tax benefits for you.
Benefits of gifts of real estate
- Avoid paying capital gains tax on the sale of the real estate
- Receive a charitable income tax deduction based on the value of the gift
- Leave a lasting legacy to the Capuchin Province of St. Augustine
Gift Acceptance Policy
- It is the policy of the Capuchin Province of St. Augustine to accept gifts of real property, residential, commercial, agricultural, etc. to the organization providing it is accepted by the Provincial Minister or his delegate(s).
- The Capuchin Province of St. Augustine shall, prior to acceptance of real estate, obtain preliminary information regarding environmental conditions, status of title, a qualified appraisal, and other relevant information to be determined by the Provincial Minister or his delegate.
How to make a gift of real estate
Your real property may be given to the Capuchin friars by executing or signing a deed transferring ownership. You may deed part or all of your real property to the Capuchin Province of St. Augustine. Your gift will generally be based on the property's fair market value, which must be established by an independent appraisal.
If you have any questions about gifts of real estate, please contact us. We would be happy to assist you and answer your questions.
Mortgaged Property: Please contact us if the property you wish to give has existing debt or a mortgage. Indebtedness can affect your charitable tax deduction.
Difficult Property Gifts: Certain properties pose challenges. We have adopted policies to limit the acceptance of certain kinds of real estate. Please check with us before making a gift of real estate so we can explain our gift acceptance policies.
Capital Gains Tax: Check with us on the capital gains tax implications of your gift. You may also be interested in life income options.