If you have a property you would like to dedicate to charity, IRUSA can now accept it and either use it, rent it out, or sell it to benefit our future charitable work.
There are a few kinds of real estate gifts:
- A bequest in your written will
- An outright donation during your lifetime
- A gift in which you retain use of the property for a certain time
The method known by most people is to leave a bequest in their written will. According to Islamic guidelines, you may donate up to 30% of your estate to charity in this way.
Sometimes, there are other ways that can prove even more beneficial to you while providing the same benefit to IRUSA and people in need. If you donate real estate during your lifetime, it may ease your other financial burdens through tax benefits.
If you still need the property, you can see some of these tax benefits by donating it while still retaining use of it during your lifetime. This is known as a retained life estate gift. You receive an immediate tax deduction, and the property is excluded from your taxable estate.