Transforming Realty to Gift Reality
Want to make a big gift to the Minnesota State Fair Foundation without touching your bank account? Consider giving us real estate. Such a generous gift helps us continue our work for years to come. And a gift of real estate also helps you. When you give us appreciated property you have held longer than one year, you qualify for a federal income tax charitable deduction. This eliminates capital gains tax. And you no longer have to deal with that property's maintenance costs, property taxes or insurance.
Another benefit: You don't have to hassle with selling the real estate. You can deed the property directly to the Foundation or ask your attorney to add a few sentences in your will or trust agreement.
If you are interested in donating real estate to the Foundation, please call Shana Zaiser, Development Officer, at 651.288.4326 to discuss. Donations of this type must be reviewed before they are approved for acceptance.
An Example of How It Works
Janet purchased a rental property years ago and has watched it grow steadily in value. Still active in her career and traveling frequently, she's beginning to find management of the property more and more of a hassle. At this stage of her life, Janet has decided to move to a 55+ condominium development, where all exterior maintenance is provided and she doesn't have to worry about security issues. Janet sees this as an opportunity to give her rental property to a charity that's important to her while realizing valuable tax benefits.
Janet avoids capital gains tax on the appreciation and qualifies for a federal income tax charitable deduction of $250,000, which is for the property's fair market value today. She is able to claim 30 percent of her $200,000 adjusted gross income, or $60,000, in the year of the gift. In the five years following, she can continue to use up the remaining $190,000 deduction. Janet is happy in her new condo and loves knowing that the gift of her property will make a big difference supporting our mission.
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- Contact Shana Zaiser, Development Officer, at 651.288.4326 or firstname.lastname@example.org to discuss the possibility of giving real estate to the Foundation.
- Seek the advice of your financial or legal advisor to make sure this gift fits your goals.
- If you include the Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: Minnesota State Fair Foundation
Address: 1265 Snelling Avenue North, Saint Paul, MN 55108
Federal Tax ID Number: 41-2013696
Make a Gift Today
Learn more about the many ways to use real estate to support the Minnesota State Fair Foundation in the FREE guide 7 Ways to Donate Real Estate.View My Guide