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My parents are elderly and wish to donate their house to their church. Can the fair market value of this house be deducted on Schedule A as a charitable donation? Can the total amount be deducted in one tax year, or is there a cap, and the remainder carried over to next year? And along that same line, can the ESTATE of a taxpayer donate a house to a charitable organization and take the entire fair market value as a donation on Schedule A? Any help will be appreciated. Thanx.
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My parents are elderly and wish to donate their house to their church. Can the fair market value of this house be deducted on Schedule A as a charitable donation?
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Yes - subject to a limitation - 50% of their AGI. Any unused contribution could be carried over for a five year period.


Can the total amount be deducted in one tax year, or is there a cap, and the remainder carried over to next year?

Any unused contribution could be carried over for a five year period - subject to the same limitations.

And along that same line, can the ESTATE of a taxpayer donate a house to a charitable organization and take the entire fair market value as a donation on Schedule A? Any help will be appreciated. Thanx.

Estates do not have a schedule A but, generally speaking and subject to certain limitations, an estate greater than 650K could receive some tax benefit by naming a church as the beneficiary in its will.


Before you act - see a professional. I would want to at least consider selling the residence and taking advantage of the 500k gain exclusion for joint couples and then make your contribution decision with those funds rather than with the real estate - just a thought....



Pete

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