Goshen Health

7 Ways to Donate Real Estate

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Think Twice Before You Put Out the "For Sale" Sign Consider a Gift of Real Estate 1 ] Make a Gift Today In addition to freeing you from the costs and responsibilities of ownership, making an outright gift of property that you've owned for more than a year offers these benefits: • You qualify for an income tax charitable deduction equal to the property's fair market value. This deduction reduces the cost of making your gift and frees cash that otherwise would have been used to pay taxes. • You eliminate capital gains tax on the property's appreciation. • The gift reduces your future estate administration costs. EXAMPLE Mary gives us a vacation cottage she no longer uses. It originally cost $50,000 but is now worth $150,000. She gets a $150,000 federal income tax charitable deduction, which represents a tax savings of $48,000 in her 32 percent tax bracket, and she completely eliminates tax on the $100,000 of appreciation. Now she no longer has to maintain the cottage. In addition, the property is removed from her estate, reducing her future estate administration expenses. 2] Give Real Estate Through Your Will or Living Trust If you are not comfortable making an irrevocable gift of property right now, consider leaving it to us in your will or revocable living trust. This can be the perfect way to support Goshen Health because you are able to help us in the future without using assets today. A gift in your will or living trust can be created or changed at any time. It allows you to continue ownership, enjoy your property during your lifetime and create a lasting legacy in your memory or in memory of a loved one. 3] Donate Your Home, but Keep Living There Many of our supporters can't imagine living anywhere but their current homes. Many would also love to make a significant gift to us but don't have the means to make such a gift today. If this sounds like you, you may want to consider a charitable giving arrangement called a retained life estate. With a retained life estate, you deed a personal residence or farm to us now. You retain the right to occupy the home for Imagine avoiding the hassle of selling a piece of property, with no worry about getting a fair price, and at the same time qualifying for a valuable federal income tax charitable deduction. This can be your reality when you consider using real estate to make a gift to Goshen Health Foundation. A gift of real estate can be completed in a variety of ways. Here are some examples: fair market value: the price that a willing buyer and a willing seller can agree on capital gain: the increase in value of an asset since its original purchase irrevocable: cannot be changed or canceled revocable: able to be changed or canceled

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