1. You want to use your appreciated real estate to make a gift, but retain some of its value for your personal needs.
2. You are looking for a gift plan that can return significant financial benefits to you, and provide income and capital gains tax relief.
3. A Bargain Sale is the only donation plan that can give the donor a lump sum of cash and a charitable income tax deduction. It may be carried forward for five years if not fully usable in year of gift.
It works like this:
1. You and the Door County Land Trust agree on a purchase price that is less than the property's fair market value, which has been determined by your independent appraiser.
2. The Door County Land Trust will pay the purchase amount upfront.
3. Retain a Qualified Appraiser to Prepare a Qualified Appraisal
4. Read IRS Pub 544