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How It Works: A Gift of Real Estate

Did you know you can use your home to make a difference in the lives of others? By using real estate to make a gift to a Genesis Foundation, you'll receive substantial tax benefits while furthering our important mission. Take a look at the different ways you can approach this gift.
  1. Give the property directly to a Genesis Foundation. This earns you an immediate tax deduction.
  2. Make a gift through your will. Made as part of your estate plan, a charitable bequest gives your estate an estate tax deduction and supports our good work long after you're gone.
  3. Consider a bargain sale. This is part gift, part sale, which entitles you to a tax deduction based on the value of the gift portion, reduces your capital gains taxes and provides you with cash from the sale.
  4. Donate your home but keep living in it. Through a "retained life estate," you make a gift while retaining the right to use and occupy the property during your life. You realize an immediate income tax deduction for a portion of your home's value.

If you're considering using real estate to help our charitable cause, consult with Steve Goebel, CFRE at 309-281-4392 or goebels@genesishealth.com about how title is held, existing mortgages and liens. You don't want these issues to delay or interrupt your intended gift.




Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.




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