Gifts of appreciated real estate is an ideal way to support Rippling Waters.
Why Donate?
- You will be helping improve the community
- Receive charitable tax deductions based on the fair market value of their property
- Tax benefits can be long-lasting – up to five years depending on the property’s value
- Avoid paying the capital gains taxes on the property when donating to a non-profit
- End expenses related to property taxes and insurance
- Reduce your liability and concerns of upkeep and maintenance
Process
All property donations are reviewed for approval by the Rippling Waters Board of Directors.
To ensure a quick assessment of your potential donation, please confirm accurate details of your property prior to submission to Rippling Waters.
The Board of Directors consider many factors with property donations:
- Location
- Buildability
- Construction or demolition costs
- Environmental concerns
- Outstanding mortgage
- Liens or assessments against the property
Property Value
The value received from your real estate donation will be measured by the fair market value of the property at the time you choose to make the donation.
If your real estate sums up to $5,000 or less, you may use the fair market value that is determined by comparable sales. Rippling Waters will provide a receipt for the donation.
If your property is worth more than $5,000, it must be appraised by a qualified appraiser with a written appraisal of the property’s value. You will need to complete Form 8283 with your federal tax return, and your chosen appraiser must sign the form.
Please consult your tax professional to ensure proper procedures are followed to claim your tax deduction.
