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Real estate donation brings income and scholarships

Fred and Diane were facing a decision with their rental property in Florida. When their long-term tenant moved, they had to decide whether to fix up the house and find another renter or sell the property.

While the rental income was helpful during retirement, they were growing tired of being out-of-state property managers. They wanted to sell, but they knew the increase in property values would mean significant capital gains taxes on the sale.

The couple had long hoped to establish scholarships at a local technical college and offered the property to the school to avoid the capital gains taxes. But, like most organizations, the school was not equipped to accept gifts of complex assets like property.

If these pros and cons of real estate ownership sound familiar, you may consider the approach Fred and Diane took after attending a webinar from Thrivent Charitable. The webinar mentioned giving noncash assets and how it may be beneficial for both parties involved.

“The process was painless with their help,” Fred says. “It gave us a sense of trust that this was the right thing to do, and they knew how to accomplish it for us.”

By donating their property to a charitable remainder unitrust (CRUT) administered by Thrivent Charitable, Fred and Diane could accomplish several goals:

  • Establish college scholarships. 
  • Receive income during their lifetime. 
  • Avoid capital gains on sale. 
  • Claim income tax deduction on gift.

The couple will receive ongoing income during their lifetime from investing the property sale proceeds in the CRUT. When they pass away, the remaining funds will go into a donor-advised fund from which scholarships will be awarded.

Thrivent Charitable handles the details of real estate donations, such as managing the deed of gift and sale with local title, legal and real estate professionals.

While cash donations are the most common way to support the immediate need of organizations you cherish, there are several ways to increase the impact of your gifts. Thrivent Charitable accepts a wide range of noncash asset donations, including:

  • Real estate. 
  • Farmland/crops/livestock/equipment. 
  • Life insurance. 
  • Cryptocurrency. 
  • Publicly traded stocks and mutual funds. 
  • Privately held stock/family businesses. 
  • Personal property and collectibles. 

Your financial advisor can help you be more strategic with your donations and find tax-advantaged ways to carry out your giving goals in collaboration with Thrivent Charitable. Talk to your Thrivent financial advisor or contact Thrivent Charitable today.

You can learn more about giving noncash assets for charitable purposes at thriventcharitable.com/noncashassets.