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Live Oaks Society |
Land as an outright gift 
Land that is undeveloped may require the ongoing payment of property tax, liability insurance and other related expenses. Although the land may have increased in value, selling might not realize the full benefit you expected due to the capital gains tax that would be due. Making a gift of the land to the San Diego Natural History Museum would end the ongoing expenses and, instead of facing a capital gains tax, you would enjoy a charitable income tax deduction for the appraised fair market-value of the land. The San Diego Natural History Museum, as an exempt charitable organization, would be able to sell the land without capital gains tax and be able to fund more Museum efforts than if you had sold the land yourself and given what was left after taxes. Land as a gift with income Land that is undeveloped may be given to a charitable remainder unitrust with you receiving an income and the San Diego Natural History Museum benefiting many years from now. The unitrust would be able to sell the land and bypass any capital gains tax. This is significant because the entire value from the sale gets reinvested to produce an income for you. You would also save money on taxes because you would receive an income tax deduction. The unitrust works to give you income for your lifetime and only after your life does the trust value become available to the San Diego Natural History Museum. Gifts of land into a unitrust only produce income when the land is sold. However, the charitable tax deduction is an immediate benefit that is not dependent on when the land is sold. |
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