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Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 6775
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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I live in Idaho belong to a non profit, 501 c-3 and we have

Customer Question

I live in Idaho belong to a non profit, 501 c-3 and we have a patron who is interested in leaving her land to us through a will so that it becomes ours after she passes away. I am curious about any tax write offs that may be better for her if she gift deeds us to us and keeps a life time estate in the land???? Any other ideas that would be advantageous to both of us?
Submitted: 5 months ago.
Category: Legal
Expert:  Ray replied 5 months ago.
Hi and welcome to JA. Ray here to help you today. Here the only write off would occur when title passes upon her death.The final return for the deceased maybe able to claim it as a charitable deduction depending on the current law at time she deceases.Keeping a life estate here does not allow her to claim the deduction until title passes.She would have option to just gift it now and take deduction but she probably wants to keep the life interest. Unless she wants to gift it now she would not be able to claim the deduction if she say kept a life estate. She cannot have it both ways so to speak, she can gift it now, but if she keeps a life estate she cannot claim deduction until she deceases. I appreciate the chance to help you today.Thanks again.
Expert:  Miel-cssm replied 5 months ago.
We received your customer service inquiry, however, we are unable to respond to you because we do not have your email address. Please contact customer support at***@******.*** and provide us with your email address and a link to this question page so that we can help you. Thank you, ***** ***** Customer Support Team.
Expert:  Irwin Law replied 5 months ago.
Hello: Another expert here with the suggestion. Why not have her deed the property to the charity so that she gets the current income tax benefit and then rent it back to her for a nominal rent. The rent back arrangement might have an adverse effect on the deductibility of the gift , so she should check this with the CPA before doing it.

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