Real Estate

A residence, vacation home, farm, acreage or vacant lot may have so appreciated in value that a sale would mean a sizable capital gains tax. You can avoid the capital gains tax and receive a charitable deduction for the full fair market value. Sometimes you can make a gift of your home so that you can continue to use it during your lifetime, while receiving a tax deduction (see Retained Life Interest).

You can make a gift of personal residence, farm or certain other real estate to Highline Medical Center Foundation while retaining its use of the property for as long as you live. You continue to maintain the property, pay the taxes, and even receive any income it generates. But, because you have already arranged for transfer of the property by deed, it bypasses your probate estate at death, possibly saving unnecessary expenses and delays.