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West Elmwood Housing Development Corporation
224 Dexter Street, Providence, RI 02907
Gifts of Real Estate
When considering ways to make charitable gifts more effectively, many have discovered that gifts of real estate can have special benefits for both the donor and the recipient. Whether property has increased or decreased in value, real estate can be a practical and beneficial gift. Below are some ways to make gifts of real estate complement your overall financial plans and perhaps enhance your security now and in future years.
If you are reviewing your plans in light of changes in federal tax laws or current economic conditions, the real estate you own can offer a number of opportunities. More information on making gifts of real estate is available upon request. We will be pleased to work with you and your advisors as you explore the benefits that may be available through an advantageous gift of real estate.
Outright gifts of real estate
If you own a home or other property you no longer wish to occupy or manage and you would like to make a charitable gift. You may find that a gift of real property can be a very efficient way to use your property to meet both goals.
When property has grown in value
If you sell real estate you have owned for a number of years, it is likely you will be faced with a sizable capital gains tax, especially if the property is not your residence.
Through an outright gift of such a property, a double tax savings is possible. First, in most cases you will receive a charitable income tax deduction for the full value of the property a savings of as much as 40% or more of the property's value. In addition, you will not be liable for capital gains tax on the transfer since the property was given rather than sold.
If you give property that has not been producing an income (and which may be incurring annual expenses), your gift does not adversely affect your current income.