Gifts of real estate can be an incredible way to share your love of the land and central Michigan.
When you give a gift of real estate, you can reduce your taxes, eliminate the burden of property management, and know that you are contributing to local conservation in a way that will enrich kids’ and families’ love of the land for generations.
There are a couple ways that you can donate real estate.
Donate the property in its entirety. This allows you to receive the maximum charitable income tax deduction as permitted by law, and avoid capital gains tax. You can donate property like a camp, vacation home, business, apartment building, vacant land, or your primary residence.
Continue to use the property during your lifetime, but receive an immediate tax deduction for your gift. This is often called retaining a “remainder interest” or “life estate“. You would pay the taxes while you had use of the land. Upon death, ownership of the land would pass to the conservancy.
If you have any type of property that you think should be preserved, whether for historical or cultural reasons, as natural space, as farmland, or as recreational land, talk with your legal or financial adviser or the conservancy about it, because it may fit under a category you might have missed.