Join World Space Conservation in Making a Difference
There are several ways to donate real estate, including:
· Land donation: The most common way to donate land is to transfer the title to a charitable organization. The organization then becomes the owner and is responsible for property taxes, upkeep, and any other financial obligations.
· Donation of the remainder interest: The current owner or their heirs can continue to live on the land for a set period of time, after which the land is gifted to a nonprofit organization.
· Bequeathing land: Land can be gifted to a charity through a will.
· Conservation easement: Another way to donate land.
When donating land, it's important to consider the following:
· Fair market value
The value of the donation is based on the property's fair market value at the time of donation.
· Tax benefits
Donating land may result in a tax deduction, but it's important to ensure that the donor doesn't receive more than an incidental value from the donation.
· Easement
A donation or negotiation that grants a limited use of the property, but does not transfer ownership.
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Life estate
A donation that allows the landowner to continue living on or using the land for their lifetime, while also deferring estate tax benefits.
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Bargain sale
A sale of the property for less than its fair market value, with the difference being considered a charitable donation.
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Bequest
A donation that transfers ownership of the property to a land trust through a will. This can be a good option if the donor wants to maintain the current use of their land and doesn't need financial compensation.
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Conservation severance donation
A donation of land to a land trust, with the understanding that the organization will sell the land to support conservation work.
· Appraisal
If the property is worth more than $5,000, it needs to be appraised by a qualified appraiser.
· Goals
World Space Conservation works closely with the donor to make conservation the number one priority.