Real-Estate Gifts on the Rise
August 16, 2006 | Read Time: 1 minute
Seeking to promote philanthropy and to receive tax breaks in the midst of a sluggish housing market, more Americans are donating real estate to charity, reports The Wall Street Journal.
Real estate has increasingly become a major source of noncash gifts to charities, according to The Chronicle of Philanthropy’s story on donation statistics reported by the Internal Revenue Service.
Many nonprofit groups are now embracing gifts of land and other real estate as a way to raise much-needed money. However, this practice is not without its problems: Another story by The Chronicle reports on real-estate gifts to donor-advised funds.
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