Do you own real estate? Are you interested in maximizing your philanthropic impact in a tax-efficient way? If so, you may want to consider gifting real estate to support your favorite charity. Sho.
“When you gift real estate through the Jewish Community Foundation (JCF), you can use your second home to enhance your philanthropic efforts and receive a gift receipt based on the fair market value of your property.”
Capital gains on the disposition (or deemed disposition) of a primary residence are not taxable, but capital gains on a secondary residence or other personal use property are taxable when sold, donated, or deemed disposed of. When you gift real estate through the Jewish Community Foundation (JCF), you can use your second home to enhance your philanthropic efforts and receive a gift receipt at the fair market value of your property. Donation receipts can be used in the year the gift is made or carried forward for up to five years for tax purposes. Once the notarized real estate donation is completed, a donation receipt will be issued.
To take advantage of this smart philanthropic approach, you can donate property you no longer need to JCF. JCF will then take ownership of the property and sell it for cash, with the proceeds going to his JCF Your Fund and distributed to the charity you wish to support. This generates significant philanthropic gifts, either from your own designated fund or given anonymously.
You may be interested in taking advantage of this creative approach to philanthropy, but you want or need to continue living in your own residence. In this scenario, you can donate your property while still receiving a lower donation receipt while continuing to make the most of your property. Through a residual interest gift to JCF, you can donate real or personal property while retaining the right to use it for your lifetime or an agreed number of years. Once the property is appraised and the remaining interest amount is determined, the property will be donated to JCF and a donation receipt will be issued for the amount equivalent to the remaining interest. You are then free to live in and use the property as you wish until the end of the agreed number of years.
Gifting a primary residence during your lifetime while retaining the right to use it can reduce probate and other related costs for your heirs by immediately receiving a gift receipt for the residual value when the property is removed from your estate. Masu. The remainder of the donated property value can then be left to the charity of your choice. Your charity will be maximized and your family future will be secure.
“If you have a particular interest in cultural organizations, you can take advantage of additional benefits by combining your real estate gift with Mécénat Musica’s matching program.”
Once you have gifted real estate and begun considering how to utilize your philanthropic funds, JCF is committed to further extending the impact of your gift through the creation of an endowment fund for selected recipients. We support you. Your gift is a truly impactful legacy you leave to the organization you care about most, and it guarantees a lasting income.
If you have a particular interest in cultural organizations, you can take advantage of additional benefits by combining your real estate gift with the Mécenat Musica matching program. This unique cultural matching program encourages donors to give her $25,000 to the cultural organization of their choice, while also encouraging philanthropic families to match these individuals’ contributions with $250,000 of their own or their own. We encourage you to match up to $2,500,000.
“Through a residual interest gift to JCF, you can donate real or personal property while retaining the right to use it for your lifetime or an agreed-upon number of years.”
For Quebec donors, the cost of a $25,000 gift can be as low as $5,425 because Revenu Quebec offers a once-in-a-lifetime tax credit for one major cultural gift. Host cultural organizations can also benefit from additional government funding from the Canadian Cultural Heritage Program, Mecenat Placement, Culture and Heritage Canada. Support from the state and federal governments is intended to facilitate the creation of cultural endowments and encourage cultural philanthropy. Gifts of real estate to cultural organizations in Quebec can leverage impact gifts to organizations, provide significant one-time tax credits to donors, and encourage participation in the Mécénat Musica program. There is a gender.
For more information on gifting real estate, please contact (514) 345-6414 or [email protected]. Always consult your personal tax advisor regarding gift planning.