FundSvcs Community

Expand all | Collapse all

Real Estate Donation

  • 1.  Real Estate Donation

    Posted 17 days ago
    Hi,

    I'm having trouble finding whether there are tax implications for a donor if an institution sells a +$5k fair-market gift within 3 years of the donation.

    If, say, a donor donated a $300k appraised house that the institution sold after 2 years for $200k, could the donor end up with a tax liability?

    I know we'd be responsible for filing an 8282 in this case, just not sure what it means for the donor and how we'd need to communicate that to them.

    Thank you!
    Marc

    Marc Dykeman
    Director of Advancement Services
    Washington College

    ------------------------------
    Marc Dykeman
    Director of Advancement Services & Strategy
    mdykeman2@washcoll.edu
    ------------------------------


  • 2.  RE: Real Estate Donation

    Posted 17 days ago
    The donor's tax ramifications or implications are not for you to determine.  That is going to be between the donor and their tax advisor.  Your responsibility is strictly limited to filing an 8282 if and when necessary.

    It is my understanding that the IRS uses the 8282 as a comparison to the 8283 to ensure the donor did not "fudge" when estimating their original deduction.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Real Estate Donation

    Posted 17 days ago
    Thank you!

    ------------------------------
    Marc Dykeman
    Director of Advancement Services & Strategy
    mdykeman2@washcoll.edu
    ------------------------------