Make a gift of real estate outright, fund a life income gift with it, or even donate it and retain the right to live in it during your lifetime. Each gift qualifies for an income tax deduction.
Making the Most of Your Real Estate
A growing number of alumnae have recognized the benefits of using their appreciated real estate to fund all types of charitable gifts including gift annuities and charitable remainder unitrusts. A gift of a complete or partial interest in your home—or second home—may be to your benefit.
Another opportunity, called a bargain sale, allows you to give/sell appreciated property to the College at a "bargain" price. This gift arrangement is part gift and part sale. Because your capital gain is apportioned between you and the College, you report a smaller capital gain and receive a charitable income tax deduction for the net value of your gift, many times offsetting any remaining capital gains tax.
Retained Life Estate
You can give your personal residence to the College, yet retain the right to live there for the rest of your life. This gift arrangement is called a retained life estate. You continue to live on the property while taking an immediate charitable income tax deduction equal to Mount Holyoke's right to receive the property at the end of your lifetime. As long as you live in your home, you remain responsible for its maintenance and upkeep.
Questions? Contact the Office of Gift Planning at 800-MHC-GIVE.