There are many advantages to gifting real estate that supports the American Truck Historical Society and saves you taxes.
When you make an outright gift of real estate you have owned longer than one year, you qualify for a federal income tax charitable deduction equal to the property’s full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property to us, you also eliminate capital gains tax on its appreciation.
Fund a charitable remainder unitrust. You can contribute any type of appreciated real estate you’ve owned for more than one year, provided it’s unmortgaged, in exchange for an income stream for life or a term of up to 20-years.
Appreciated real estate can also be transferred to your family tax-free with a charitable lead trust.