Gifts of Real Estate
Want to make a gift to the YMCA of South Hampton Roads without touching your bank account? Consider giving us real estate, such as a personal residence, vacation home, farm, commercial property or undeveloped land. Such a generous gift helps us continue our work for years to come. And a gift of real estate also helps you. When you give appreciated property that you have held for longer than one year to the YMCA of South Hampton Roads , you qualify for a federal income tax charitable deduction and may minimize or eliminate capital gains tax, and you no longer have to deal with that property's maintenance costs, property taxes or insurance.
Another benefit is that you don't have to hassle selling real estate. You can deed the property directly to the YMCA of South Hampton Roads or ask your attorney to add a few sentences in your will or trust agreement.
Ways to Give Real Estate
You can give real estate to the YMCA of South Hampton Roads in the following ways:
- An outright gift
- A gift in your will or living trust
A gift of real estate through your will or living trust allows you the flexibility to change your mind and the potential to support our work with a larger gift than you could during your lifetime. In as little as one sentence, you can ensure that your support for the YMCA of South Hampton Roads continues after your lifetime. - A retained life estate
You may like the tax advantages a gift of real estate to our organization would offer, but you want to continue living in your residence for the remainder of your lifetime. You can transfer your personal residence or farm to the YMCA of South Hampton Roads but keep the right to occupy (or rent out) the home for the rest of your life. You continue to pay real estate taxes, maintenance fees and insurance on the property. Even though the YMCA of South Hampton Roads would not actually take possession of the residence until after your lifetime, since your gift cannot be revoked, you qualify for a federal income tax charitable deduction for a portion of your home's value. - A bargain sale
When you make a bargain sale, you sell your property to our organization for less than what it is worth. The difference between the actual value and the sale price is considered a gift to the YMCA of South Hampton Roads. A bargain sale can be an effective way to dispose of property that has increased in value, and it is the only gift that can give you a lump sum of cash and a charitable deduction (when you itemize) at the same time. - A charitable remainder unitrust
You can contribute any type of appreciated real estate you have owned for more than one year, provided it is unmortgaged, in exchange for an income stream for life or a term of up to 20 years. The donated property may be a residence (a personal residence must be vacant upon contribution), undeveloped land, a farm or commercial property. Real estate works well with only certain variations of charitable remainder trusts. Your estate planning attorney, who will draft your trust, can give you more details. - A charitable lead trust
This gift can be a wonderful way to benefit the YMCA of South Hampton Roads and simultaneously transfer appreciated real estate to your family tax-free. You should consider funding the charitable lead trust with income-producing real estate and expected to increase in value over the term of the trust. - A memorial or endowed gift
A gift of real estate may be a perfect way to honor your loved one in perpetuity. When you make an endowed gift of real estate, your contribution is invested with and becomes part of our endowment. An annual distribution is made for the purpose you designate. Because the principal remains intact, the fund will generate support in perpetuity. - A donor-advised fund
When you transfer real estate to your donor-advised fund, you avoid capital gains taxes and qualify for a federal income tax deduction based on the fair market value of the property when you itemize your taxes.
The information provided is not intended as legal or tax advice. For such advice about your particular situation, please consult an attorney or tax advisor.