12 Things to do in 2013- Barry Allen #10
Ron and Peggy sold their property to a church, which owned adjacent land. This was done through a bargain sale. The property was valued by an appraisal at $625,000. They sold it to the church for $425,000. They received a charitable income tax deduction of $200,000 to offset the capital gain on the remaining portion. Such a transaction is considered part gift and part sale. Contact Laurie Valentine for the details of a bargain sale to determine if such a strategy would work for you.
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The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.