Bargain Sale
Akron Community Foundation purchases your property for less than fair market value. You receive the cash and a charitable deduction for the difference between the market value and purchase price.
How a bargain sale works
- You sell Akron Community Foundation your property for a price less than fair market value
- You receive the cash from the sale and a charitable deduction for your gift to Akron Community Foundation (the difference between the market value and purchase price)
- While you may owe some tax on the amount you receive from Akron Community Foundation, the charitable deduction from your gift could offset your taxes this year
Benefits of a bargain sale
If you are considering selling your property, a bargain sale will help you meet all of your goals.
- Avoid capital gains tax on your charitable gift
- The deduction from your gift will give you valuable tax savings that may reduce your tax bill this year
- With the cash received from the sale, you may then reinvest to create more income for your future
- Best of all, your gift will create or support your charitable fund at Akron Community Foundation
Is a bargain sale right for you? Call your advisor or contact us.