There are a number of ways in which you can benefit from a gift of land or commercial real estate. Gifts of real estate in your charitable planning may provide you with a way to sell your property tax free while both providing an increase to your income and a charitable deduction for possible tax savings.
While benefits may vary depending upon which planning option is implemented, you may be able to avoid capital gains tax prior to a sale. To do this the property would need to be transferred to a FLIP unitrust. The trust will then sell the property tax free, and you will receive a tax deduction for making a remainder gift to charity. Once the property is sold within the FLIP unitrust, the trust would then start paying you income potentially for you and/or your spouse’s lifetime.
Contact the Florida Baptist Foundation
If you would like further information about how to make a gift or real estate for charitable planning purposes, please contact us and we would be happy to assist you.