Real Property
Personal residences, farms, commercial property, vacation homes, timberland, and leasehold interests are termed gifts of real property. The donor may be entitled to claim an income tax deduction at the time the property is transferred to the Foundation. For gifts valued over $5,000, the IRS requires a valuation by a certified licensed appraiser in order to justify the accompanying tax deduction.
A life estate is another gift of real property. With this type of gift, the donor continues use of the property for his or her lifetime. When the asset matures, the Foundation ensures the final distribution is used in accordance with donor's wishes.
For more detailed information on life estates, please contact the Office of Gift Planning at 800-289-2354. For additional information about giving opportunities, please visit the University Development website.