The Real Deal Miami

Can’t sell? Some owners donating real estate

January 05, 2009 11:18AM

Tax time looms, and in a moribund real estate market, getting a
deduction may be a prospective seller’s best option for realizing the
value of a property. Terri Moore, managing member of Nautica Realty
Group on Merritt Island, said donating property could yield the donor
an income tax deduction amounting to the full appraised value of the
property — a price they’re not likely to get by selling today. The
charity then could sell the property and have use of the full amount,
since it won’t incur any capital gains taxes. Moore is on the board of
CITA Inc., a homeless shelter and rescue mission in Melbourne, and said
real estate donations in the past have funded programs and improvements
at the mission.