Leverage a Significant Asset for Your Benefit and Ours
An outright, irrevocable gift of real estate to MSK offers you immediate benefits and may be more advantageous to you than leaving the real estate to MSK in your will. In addition, when you make an outright gift of real estate that is not subject to a mortgage:
- You are eligible for an income tax charitable deduction equal to the full fair market value of the property, not just the original cost.
- If you've owned the property for at least one year, you will not have to pay any capital gains tax at the time of transfer.
- You provide crucial support to the ongoing mission of Memorial Sloan Kettering and become a member of the Cullum Society.
Options to Consider
There are numerous ways to make a gift of real estate, each with its own unique benefits:
- Life Income Gift. Fund a charitable trust, which can provide you, your spouse, or other beneficiaries annual income for life.
- Retained Life Estate. 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, MSK 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 MSK the right to use the property for the rest of your life. This may provide you with another charitable deduction.
- Request a personal real estate illustration or additional information from our Gift Planning staff. Call us at 800-688-1827 or email firstname.lastname@example.org.
- Seek the counsel of your financial or legal advisor.
Please use our legal name, address, and federal tax ID if incorporating MSK into your plans:
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236