Irrevocably giving your mortgage-free home (or vacation house or farm) to Boston Church of Christ while continuing to live in it and maintain it is a “Retained Life Estate,” and can benefit you while you are alive because the charitable tax deduction may be taken for up to six years.
How this Works
As the creator of a Retained Life Estate, you irrevocably deed your mortgage-free home to Boston Church of Christ and retain the right to live in it for the rest of your life, a term of years, or a combination of the two.
While you retain the right to live on your property, you continue to be responsible for all routine expenses—maintenance fees, insurance, property taxes, repairs, etc. You immediately qualify for a federal income tax deduction, which can be taken over six years (limited to 30 percent of your adjusted gross income). Also, the estate would not be subject to estate taxes.
When your Retained Life Estate matures, Boston Church of Christ can then use your property or the proceeds from the sale of your property for the purpose both you and Boston Church of Christ have agreed upon.
Please keep in mind:
- We will gratefully review your gift offer with the Finance Committee, which evaluates the condition and marketability of all proposed real estate acquisitions and has the final say on acceptance.
- The IRS requires donors of real estate to secure an independent appraisal to establish the fair market value of the property. We can assist you in following the IRS procedures for this appraisal.
Thank you for your consideration of a legacy gift to Boston Church of Christ. We treasure your anonymity if you wish, and we respect your privacy. All inquiries are confidential.
“For where your treasure is,
there will your heart be also.”
Matthew 6:21