JUNE 2024 | 29 THE OKLAHOMA BAR JOURNAL Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff. significant periods of time often find themselves facing substantial capital gains tax liabilities at the time of sale.7 Rather than pay these hefty taxes, many philanthropically oriented clients prefer to instead make a gift to a charitable organization, itemize their deductions at filing and claim a deduction for charitable contributions.8 In some cases, the donor may carry the deduction forward for as many as five years.9 Statistically, advisors overestimate the importance donors place on tax advantages of charitable contributions in their decision-making process, though it is still self-reported as an influential factor.10 In reality, a wide range of motivations may coalesce to spur the client to donate real property, chief among them the desire to make a difference. The following nonexhaustive list enumerates reasons frequently cited for making a charitable gift of real property: Donors own property they no longer wish to manage or maintain. They may feel burdened by the stress, expense and time associated with owning the property. Donors plan to retire and will no longer need the income from farmland or commercial property for business operations. Donors either do not have children or do not anticipate their children using or needing the property.11 Donors move to a retirement community and no longer need their personal residence during their golden years. Donors own a vacation home they no longer frequent. Donors would like to convert the real property into an income-producing gift for themselves, with the remainder going to charity. Donors would like to retain the use and enjoyment of the real property in their
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