Perhaps you have reached a stage of life where the expenses, upkeep, taxes and insurance on your home or get-away property have become more of a burden than a blessing. Yet, if you have owned this property for a long time, you will most likely face significant capital gains consequences at the time of its sale. If you have been considering a charitable gift to Geneva, then a property gift may be the perfect solution. When you make an outright real estate gift to Geneva, you receive a charitable income tax deduction that year for the full appraised value, without having to deduct your basis in the house. Because it’s a charitable deduction, there is no capital gains liability.
Perhaps you still have many years of enjoyment left in your residence, but realize that since it is a sizeable portion of your overall estate, it will generate unwanted estate taxes or probate delays and costs at your death. A retained life gift of the property allows you to make a current gift of the property to Geneva College while still retaining the lifetime use and responsibility of the house or farm. Geneva would not take possession of the property until your death or the death of the lifetime “tenant” you have named. Because the gift is irrevocable, you receive an immediate charitable income tax deduction for the value of the lifetime portion of the property.
You can give a gift of property to Geneva and structure it to provide a stream of income for you or a loved one for life. You can accomplish this by using the property interest to fund a charitable trust or annuity, generating potentially significant tax savings.
To discuss the ways you can use real estate to support Geneva’s ongoing mission, please contact Geneva’s Planned Giving Officer
at firstname.lastname@example.org or 724-847-6614.