A gift of real estate, art, collectibles, an automobile or other personal property can benefit FMMC immediately, allow you to reduce capital gains taxes, and offer substantial income tax savings to you.
Real estate gifts can be given outright, through a will, or as a future gift. If given as an outright gift, you can take an income tax deduction for 100% of the fair market value of real estate held for more than one year. If the amount is too large to be claimed in the year of the gift, it can be spread over the next five years. If given through your will, your estate will receive a 100% estate tax charitable deduction for the full fair market value of the property with no limit on the amount.
You can also make a current gift of your residence to FMMC that does not take effect until your death. It provides you with an immediate income tax deduction and a future estate tax deduction. By donating real estate or personal property to FMMC in your will, you remove a large taxable asset from your estate, with no capital gains tax due on the transfer.
FMMC can then sell your contribution or keep it for its own use.
If you would like to learn more about leaving Real Estate or Personal Property to the Friday Morning Music Club, or you would like to notify us that you have already done so, please click here.