A gift of real estate that has been held for more than a year has the advantage of providing you with a charitable deduction based on the current fair market value, as well as bypassing capital gains tax on the appreciation.
A life estate gift is the transfer of real estate ownership to a charity today with the understanding the donor will continue to reside or use the real estate for a given period of time or a lifetime. The donor is responsible to maintain the property and becomes the asset of the charity at a future given date.
In order to assure qualifications for tax benefits, agreements should be drafted and reviewed by an attorney (as should other legal documents such as wills).
If you are interested in making a gift of real estate, call or email our Chief Development Officer (firstname.lastname@example.org) at 1-888-345-1374 for more information or at the time you make the transfer.