Property turns into income

Ginny and Ben owned a number of rental properties that they had held for 15+ years and that they no longer wished to manage. They were attracted to the Community Foundation as a way to avoid the capital gains tax on the sale of these houses, while both receiving a tax deduction and also increasing their ability to support the charitable organizations they valued most. Ginny and Ben deeded the properties to the Community Foundation, which the Community Foundation subsequently sold. Their charitable contribution was the collective fair market value of the properties. The sale of these properties enabled Ginny and Ben to support organizations meaningful to them, including Le Bonheur Children's Hospital, the Church Health Center, and Regional One Health.

Making a gift of property is smart for donors whose real estate has significantly appreciated in value from the time it was acquired. They avoid paying capital gains taxes and can give to a nonprofit – the Community Foundation – which is equipped and experienced in receiving gifts of real estate.

You may also want to give property in a way that is convenient, tax-efficient, and can benefit the community. Email Director of Development Caroline Kuebler or call her at (901) 722-0036 to learn more.