Before you sell residential real estate and donate the net proceeds to charity, consider donating that property directly to Tower Grove Neighborhoods for two major benefits:
A potential income tax charitable deduction for the fair market value (as determined by a qualified, independent appraisal)
A greater gift to charity—charities don’t pay capital gains taxes, so the full value of your gift goes to causes you care about
Tower Grove Neighborhoods Community Development Corporation has a 35-year history of developing for sale and for-rent affordable housing with limited government funding. Property donations directly to Tower Grove Neighborhoods CDC help reduce our cost to construct affordable housing and reduce our holding costs going forward. Property donations also help donors reduce taxes while supporting not-for-profit work. Whether it be from someone interested in leaving a legacy of affordable housing or someone who would like to see their property renovated and sold, TGNCDC provides a high level of service, has a proven track record and all proceeds go back to the organization to sustain our not-for-profit work into the future. TGNCDC will accept property donations from Southwest Garden, Shaw and Tower Grove South. We also facilitate donations in other neighborhoods.
Contact your accountant about the benefits of property donation to your personal tax situation.
Identify the property you want to donate and contact TGNCDC with your proposal for discussion.
Appraise the property to determine value. TGNCDC can pay for the appraisal and the property could be donated in full or in part to TGNCDC.
Complete a donation form and order title work. TGNCDC will pay for donor paperwork to close the donation.
TGNCDC provides a "Acknowledgment of Receipt of Charitable Contribution" in the amount of the appraised value (in full or in part).
Use the "Acknowledgment of Receipt of Charitable Contribution" to prepare your taxes.
