We can accept a gift of a house or other personal residence, farm, commercial building and land, whether or not it produces income. A gift of real estate you have owned for more than a year entitles you to a tax deduction for the fair market value of the property, and you avoid paying capital gains taxes.
You can continue to live in and fully enjoy your home (or vacation property) as long as you like while giving the future ownership of it to the Community Foundation. This is called a Retained Life Estate. The gift of the “remainder interest” is a charitable contribution in the year the gift arrangement is made, which may result in a substantial income tax charitable deduction. When the life tenancy terminates, the Community Foundation becomes the owner of the property. The proceeds of the property’s sale may be used to establish a fund at the Community Foundation, or add to an existing fund.