The CCFT does not offer accounting or legal advice, however, we can provide you with the following hypothetical calculations that you may adjust to your own circumstances and discuss with your tax advisor regarding income tax deductibility.
For example: Tax Benefits- Fee Simple
If one (1) acre of land were appraised at $10,000 and if you were to DONATE it to a non-profit organization such as the CCFT, you can claim a deduction from federal income taxes on the FULL VALUE up to 50% of your adjusted gross income. Assuming you were in the 35% tax bracket, you would save $3,500 in income taxes. If you were unable to take advantage of the full $10,000 deduction in the year you donated the property, you could CARRY-FORWARD the unused deduction for up to fifteen additional years, at up to $3,500 per year until the full deduction is used up.
