Charitable Bargain Sale
How It Works
- You sell your residence or other property to Montclair Public Library for a price below the appraised market value—a transaction that is part charitable gift and part sale.
- Montclair Public Library may use the property, but usually elects to sell it and use the proceeds of the sale for the gift purposes you specified.
- You receive an immediate income tax deduction for the discount you took from the appraised market value of your property.
- You pay no capital gains tax on the donated portion of the property.
- You can receive payment from us in a lump sum, or in fixed installments.
- Frequently asked questions about Charitable Bargain Sales.
- Contact us so we can assist you through every step.