When you make an outright, irrevocable gift of real property (such as real estate) to Symphony Space during your lifetime, you become eligible for a charitable tax deduction equal to the full fair market value of the property, not just its original cost.
Because you benefit from those tax savings immediately, this method may be preferable to leaving the property to Symphony Space in your will. In addition, when you make a gift of appreciated property you avoid the capital gains tax at the time of the gift (if you have owned the property for at least a year).
You can also use investment real estate to fund a charitable lead unitrust or to transfer the deed of your primary residence or vacation home to Symphony Space while retaining the right to live there for your lifetime. You could even extend that right to another person for his or her lifetime, as well. You (or your beneficiary) would continue to take care of the property, pay the taxes and even receive any income it generates. But, because you had made a gift of the property by deed, it would not pass through probate and you would be allowed an income tax deduction for the year in which you initiated the gift.
Because there are specific issues involved in the donation of certain real property, if your intent is to make such a gift to Symphony Space, we ask that you discuss your gift in advance with us. Symphony Space's Director of Development will be happy to discuss this with you, but you should, of course, consult with your attorney and financial or tax advisors.
Other options for planned giving:
