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When you make an outright gift of real estate that is not subject to a mortgage:
There are numerous ways to make a gift of real estate, each with its own unique benefits:
Fund a charitable trust, which can provide you, your spouse, or other beneficiaries annual income for life.
With this type of gift, you donate property—such as your home, vacation home, or farm—while retaining the right to live there for the rest of your life. You continue to care for the property, pay the taxes and insurance, and receive all rental income. After your lifetime, that of another person, or a term of years, CMCS takes possession of the property.
In the year you make your gift, you become eligible for an income tax charitable deduction for a portion of the appraised value of the property If at any point you no longer wish to occupy the property, you can rent it and receive an additional source of income. Or, you can give CMCS the right to use the property for the rest of your life. This may provide you with another charitable deduction.