Preserving the rural character of our town is one of the greatest gifts you can give to current and future residents. At the same time, you can reap significant financial benefits through your generosity.
What are the financial benefits of donating land?
An outright donation of land to the North Salem Open Land Foundation can provide substantial income tax deductions, allowing the donor to avoid any capital gains taxes that would have resulted from a sale of the property. You are likely to be able to take a charitable deduction for the full market value of the land, determined by a certified
Lands given to NSOLF for permanent ownership are managed for multiple conservation benefits, including wildlife habitat, watershed protection, passive recreation, scenery, and natural area preservation. A gift of land can be tailored to allow you to live on the land for the rest of your life.
which organizations will accept donations of land?
In order to be deductible for income or estate tax purposes, the donation must be given to a qualified 501(c)(3) organization or a government agency. The North Salem Open Land Foundation meets this requirement.
Is there a way I can donate my land, and receive a financial benefit, but still have a place to live?
Yes, this arrangement is called a remainder interest. Simply stated, you donate the property during your lifetime, but reserve the right for yourself, or any other persons you designate, to continue to live on and use the property (a “reserved life estate”).
By donating a remainder interest, you can continue to enjoy your land and are eligible for an income tax deduction at the time the gift is made.
What if I would like to protect my land forever, but I need current income?
There are two means to accomplish this goal: Charitable Gift Annuity and Charitable Remainder Unitrust. These financial instruments are most useful for highly appreciated land, the sale of which would incur high capital gains tax.
For more information on these two options please contact us.
Can I just leave the land to NSOLF in my will?
Absolutely. If you want to own and manage your land during your lifetime, but assure its permanent protection after your death, you can donate it to NSOLF by will. We suggest you discuss this with us to ensure that your plans will be executed according to your wishes.