Today many people own (no mortgage) homes that are costly and unprofitable for them to maintain.

An option is to donate the home to a religious organization or charity that you belong to.

Maybe you are planning to move and the home is complicating those plans.

Maybe you have inherited a home or have an investment property that you would like to consider donating and explore the tax benefits of the home donation to charity.

Contact the planned giving officer at your favorite charity or religious organization.

Do you know that you can give a gift of your home, farm or vacation home to your favorite charity or place of worship and continue to live in it?

If you own your property, it is not subject to a mortgage and you care about a charity, this might be the perfect gift for you to consider. It is called a Retained Life Estate. If you are married, you and your spouse can live in the home for your lives, for the life of the survivor or for a term of years. You—as the donor—give away the real estate, but you have the right to live in and enjoy the property.

The property used for the gift must be a personal residence, a vacation or second home, or a farm. The property cannot be investment property. The owner is responsible to pay the real estate taxes and to maintain the property. The donor has given away the future interest in the property. The donor receives a charitable contribution deduction and the gift is irrevocable.

Why would you do this for a charity that you care about? You are making a gift at no cost to you. The gift may increase in value. You get a charitable deduction against present income.

Remember to talk to your accountant or financial planner before making this gift. Many charities are ready to help you support them by making a gift of your home.