Real Estate
Learn more about the many ways to use real estate to support Hospital for Special Surgery in the FREE guide 7 Ways to Donate Real Estate.
Want to make a big gift to Hospital for Special Surgery without touching your bank account? Consider giving us real estate. Such a generous gift helps us continue our work for years to come. And a gift of real estate also helps you. When you give us appreciated property you have held longer than one year, you qualify for a federal income tax charitable deduction. You avoid paying capital gains tax. And you no longer have to deal with that property's maintenance costs, property taxes or insurance.
Another benefit: You don't have to hassle with selling the real estate. You can deed the property directly to HSS or ask your attorney to add a few sentences in your will or trust agreement.
Ways to Give Real Estate
You can give real estate to HSS in the following ways:
An outright gift. When you make a gift today of real estate you have owned longer than one year, you qualify for a federal income tax charitable deduction equal to the property's full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property to us, you also eliminate capital gains tax on its appreciation.
A gift in your will or living trust. A gift of real estate through your will or living trust allows you the flexibility to change your mind and the potential to support our work with a larger gift than you could during your lifetime. In as little as one sentence or two, you can ensure that your support for HSS continues after your lifetime.
A retained life estate. Perhaps you like the tax advantages a gift of real estate to our organization would offer, but you want to continue living in your personal residence for your lifetime. You can transfer your personal residence or farm to HSS but keep the right to occupy (or rent out) the home for the rest of your life. You continue to pay real estate taxes, maintenance fees and insurance on the property. Even though HSS would not actually take possession of the residence until after your lifetime, since your gift cannot be revoked, you qualify for a federal income tax charitable deduction for a portion of your home's value.
Check Out This Potential Scenario
Janet purchased a rental property years ago and has watched it grow steadily in value. Still active in her career and traveling frequently, she's beginning to find management of the property more and more of a hassle. At this stage of her life, Janet has decided to move to a 55+ condominium development, where all exterior maintenance is provided and she doesn't have to worry about security issues. Janet sees this as an opportunity to give her rental property to a charity that's important to her while realizing valuable tax benefits.
Janet avoids capital gains tax on the appreciation and qualifies for a federal income tax charitable deduction of $250,000, which is the property's fair market value today. She is able to claim 30 percent of her $200,000 adjusted gross income, or $60,000, in the year of the gift. In the five years following, she can continue to use up the remaining $190,000 deduction. Janet is happy in her new condo and loves knowing that the gift of her property will make a big difference supporting our mission.
Next Steps
- Contact Our Development Department at 212.606.1196 or development@hss.edu to learn about other ways of giving real estate, and to discuss which method fits your situation and goals.
- Seek the advice of your financial or legal advisor to make sure this gift fits your goals.
- If you include HSS in your plans, please use our legal name and Federal Tax ID.
Unrestricted Gifts
Legal Name: HSS Foundation
Incorporated in: 535 East 70th Street, New York, NY 10021
Tax ID: 13-6714749
Restricted Gifts
Legal Name: Hospital for Special Surgery
Incorporated in: 535 East 70th Street, New York, NY 10021
Tax ID: 13-1624135
Please contact us to discuss a restricted gift.
Learn more about the many ways to use real estate to support Hospital for Special Surgery in the FREE guide 7 Ways to Donate Real Estate.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 535 East 70th Street, New York, NY 10021. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.
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