GiftLaw Pro, our charitable tax reference service, features detailed information on gift and estate planning strategies. It includes links to relevant Internal Revenue code sections, regulations, rulings, cases and more.

1. With a gift annuity for home, the donor gets to remain in the home for the rest of his or her life.

True False

2. The gift annuity for home provides both an income tax deduction and an income stream.

True False

3. The age of the donor is not a factor when a charity is creating a gift annuity for home.

True False

4. It is possible to fund a deferred gift annuity with the remainder interest in a home.

True False

5. A gift annuity reserve fund may hold the remainder interest in a home in every state.

True False

6. In states that regulate gift annuities, the charity may be required to put other funds into its gift annuity reserve accounts when it writes a gift annuity for home.

True False

7. Barring an agreement between the donor and the charity, in most states the charity pays for the maintenance, insurance and property taxes on the home while the donor is still living.

True False

8. If a charity decides to issue a gift annuity for home contract, it should do an inspection of the property to make sure the title is clear and that there are no environmental issues.

True False

9. Before accepting a gift annuity for home contract, the charity should do a cost/benefit analysis to see if this gift will truly benefit the charity.

True False

10. With a gift annuity for home, the charity does not receive any proceeds until the donor or donors pass away.

True False

Basic Quiz - 3.4.5 Gift Annuity for Home