Donors can make a gift of commercial or residential real estate to the NCSBS and receive substantial financial benefits. Property may be given outright to support the mission of the NCSBS, and the donor can take a charitable income tax deduction based on the appraised value of the property. Or, the donor may use a home or land that is no longer wanted or needed to fund a life income gift. Another option for a gift of real estate is a retained life estate.
Through a retained life estate, a donor makes a gift of a personal residence to the NCSBS and retains the right to live in the home for life. Making a gift of property while retaining a life estate provides the donor with a charitable income tax deduction based on the value of the property, the age of the donor and his/her life expectancy. For a gift of appreciated property, a donor may take a charitable income tax deduction for up to 30% of the donor’s adjusted gross income. The donor is responsible for maintenance costs, insurance and real estate taxes. To substantiate the value of the property, the donor must obtain an appraisal from an independent qualified appraiser. The cost of the appraisal is borne by the donor and is a miscellaneous tax deduction.