A gift of real estate to Spectrum Healthcare Foundation provides you with a charitable deduction for the full fair market value of the gift, up to 30 percent of your adjusted gross income - if you have held it for more than one year. Any deduction you are unable to use in the first year can be carried over onto subsequent tax returns for up to five additional years. You are not subject to capital gains tax on the appreciated value of the property.

As with gifts such as artwork and library collections, you will need to have your gift appraised by an independent appraiser to determine the value of your deduction. Gifts of mortgaged real estate may not be appropriate for donation. Please consult with us to make sure your real estate can be accepted by Spectrum Healthcare Foundation.

You may give your home or property to Spectrum Healthcare Foundation, and you or anyone you designate may have continuous, uninterrupted use of the property for his or her lifetime. Because you transfer ownership of the property to Spectrum Healthcare Foundation, you receive an immediate charitable income tax deduction up to 30 percent of your adjusted gross income. You may carry over for up to five years any deduction you were unable to use in the year you make the gift. The amount of your deduction is based on the value of Spectrum Healthcare Foundation's future interest in the property.

Though you benefit from the charitable deduction, in most cases you continue to be responsible for maintenance and property taxes. As with any gift, removing this property from your estate can also lower your estate taxes and probate costs.

For additional no obligation information about planning your gift to Spectrum Healthcare Foundation, please contact Kathleen Emmett, Vice President of Resource Development at (561) 494-4880.