You transfer title to your property to Grand Piano Series with an agreement that you will continue to live there for the rest of your life (or other term if you prefer). This also obligates you to maintain the property and pay taxes and other obligations. You receive an immediate tax deduction for a portion of the appraised value of the property. We get the security of a significant future asset and you get paid in tax benefits while staying in your house.
Yes. The IRS has specific rules about qualifying properties, so it best to check the details. Most second homes will qualify, as will motor coaches and yachts.
Yes. The use of the asset is up to you. You can even lease it for a while and then move back in, and you get to keep the lease income. The IRS has specific rules about claiming depreciation on these properties though, so be sure to consult your tax advisor. Contact us if you want to explore this further.
St Leo Auditorium
28290 Beaumont Rd
Bonita Springs, FL 34134
Grand Piano Series
3330 Crossings Ct 301
Bonita Springs, FL 34134
Grand Piano Series does not discriminate on the basis of religion, race, ethnicity, national origin, color, sex, sexual orientation, age, marital status, parental status, or disability in any of its programs, services, employment, or activities. ♿ All of our events are accessible.
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