Real estate can both be gifted outright or it can be used to make future gifts.

Outright Gifts of Real Estate:

A gift of real estate to The Chicago Lighthouse is a fantastic way to provide lasting benefit to the Lighthouse, while providing a convenient way for you to:

• enjoy a charitable deduction based on the current fair market value of your property;
• save substantial capital gains taxes, if the property is highly appreciated; and
• reduce the size of your estate, thereby possibly saving estate taxes.

Because a gift of real estate will be sold usually be sold as soon as possible after it is transferred, the real estate should be free of debt and marketable.

Future Gifts of Real Estate:

If you would like to continue to live in your house for the rest of your life but would like The Lighthouse to have it when you die, this is known as a future gift of real estate or a remainder interest.  You can retain the life interest in the property for as long as you live, and you can give us the real estate when you die. 

When you make the gift to the Lighthouse, you will receive a charitable gift deduction for the year in which you make the gift.  And, if you chose to relinquish the real estate prior to your death, you reap the benefit of a second charitable gift deduction.  In addition, there are also estate tax benefits in making a future gift of real estate.