Designate and Donate – Real Estate
With a gift of real estate, you can make an extraordinary gift, transfer the burden and expense of managing the property, and remove a large asset from your taxable estate.
How It Works
You deed your home, your vacation home, undeveloped property or commercial property to the Silver Cross Foundation.
Silver Cross may use the property for its own purposes or may sell it and use the proceeds to support our charitable mission or a specific area or fund that you are passionate about helping.
- You receive an income tax deduction for the fair market value of the real estate at the time of the transfer.
- You pay no capital gains tax on the transfer.
- You can direct the proceeds from your gift to a specific program at Silver Cross Hospital.
Not Ready to Go?
Maybe a retained life estate is an option for you while supporting Silver Cross. Basically, you transfer the title of your residence to the Silver Cross Foundation and live there the rest of your life. You remain responsible for taxes and upkeep while you live on the property. The property passes to Silver Cross when your life estate ends.
Not only will you be donating a significant asset to Silver Cross, but you will retain the security of using your property for the rest of your life. You receive the immediate income tax deduction for a portion of the appraised value of your property. And, you can terminate your life estate at any time and may receive an additional income tax deduction or you and Silver Cross may jointly decide to sell the property and prorate the sale proceeds.
For more detailed information, please contact Tracy Simons at (815- 300-7113. She will assist you through every step of the process.