You sell your residence or other property to Connecticut Children's Medical Center Foundation for a price substantially below the appraised market value, resulting in a transaction that is part charitable gift and part sale.
Connecticut Children's Medical Center Foundation usually elects to sell the property and uses the net proceeds of sale for the purpose or purposes you specify.
Benefits
You receive an immediate income tax deduction for the appraised market value of the portion of the property you donated.
You pay no capital gains tax on the donated portion of the property.
You can receive cash from the sale portion to retire a mortgage or for other purposes.
You can have the satisfaction of making a significant gift to Connecticut Children's Medical Center Foundation during your lifetime.
