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Want to make a gift to Fred Hutch without touching your bank account? Consider giving us real estate, which provides the resources to continue the Hutch's lifesaving work for years to come. Real estate can be a personal residence, vacation home, farm, commercial property or undeveloped land.
A gift of real estate also helps you. When you give us appreciated property you have held longer than one year, you qualify for a federal income tax charitable deduction. You avoid paying capital gains tax, and you no longer have to deal with the property's maintenance costs, property taxes or insurance.
Another benefit: You don't have to hassle with selling the real estate. You can deed the property directly to Fred Hutch 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 Fred Hutch in the following ways:
Submit a few details and see the benefits of an outright gift.
Outright gift. When you make a gift today of real estate you have owned longer than one year, you qualify for a federal income tax charitable deduction equal to the property's full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property to the Hutch, you also eliminate capital gains tax on its appreciation.
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. With a few sentences, you can ensure that your support for Fred Hutch continues after your lifetime and that your estate will benefit from a federal estate tax charitable deducation.
Submit a few details and see the benefits of a retained life estate.
Retained life estate. Perhaps you like the tax advantages a gift of real estate to the Hutch would offer, but you want to continue using the property for your lifetime. You can transfer your personal residence, vacation home or farm to Fred Hutch but keep the right to occupy (or rent out) the property for the rest of your life. You continue to pay real estate taxes, maintenance fees and insurance on the property. Even though we would not actually take possession of the property until after your lifetime, since your gift cannot be revoked, you receive an immediate federal income tax charitable deduction for a portion of your property's value.
Submit a few details and see the benefits of a deferred charitable gift annuity.
Deferred charitable gift annuity. Are you tired of the hassles of maintaining your property such as paying taxes, utilities and repair bills? Consider donating the property to Fred Hutch in exchange for reliable payments for life for you — and someone else, if you choose. When you arrange a deferred charitable gift annuity, you're allowed a federal income tax charitable deduction in the year you set up the gift annuity when you itemize your taxes. If you use appreciated real estate to make a gift, you may eliminate capital gains tax on a portion of the gift and spread the rest of the gain over your life expectancy. A gift of unmortgaged property to fund a deferred gift annuity is preferable and generates the greatest tax benefit.
Submit a few details and see the benefits of a bargain sale.
Bargain sale. Want to sell the Hutch your property for less than the fair market value? A "bargain sale" may be the answer. When you make a bargain sale, you sell your property to Fred Hutch for less than what it's worth. The difference between the actual value and the sale price is considered a gift to us. A bargain sale can be an effective way to dispose of property that has increased in value, and it is the only gift vehicle that can give you a lump sum of cash and a charitable deduction (when you itemize) at the same time.
Submit a few details and see the benefits of a charitable remainder unitrust.
Charitable remainder unitrust. You can contribute any type of appreciated real estate you've owned for more than one year, provided it's 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.
Submit a few details and see the benefits of a charitable lead unitrust.
Charitable lead trust. This gift can be a wonderful way for you to benefit Fred Hutch and simultaneously transfer appreciated real estate to your family tax-free. You should consider funding the charitable lead trust with real estate that is income-producing and expected to increase in value over the term of the trust.
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 our research in perpetuity.
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 on your taxes.