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A gift of real estate may be an attractive way to make a
substantial
commitment to NDSU and realize important tax benefits at the
same time. You may be able to significantly reduce the amount
of income, capital gains, and estate taxes you otherwise would
have to pay. Finally, the disposal of your property can relieve
you
of management responsibilities and burdens. Types of real estate There are many types of real estate that may be suitable for a
gift to NDSU.
These include a personal residence, vacation home, farm or ranch,
commercial property, building lot, agricultural land, and
undeveloped
or unimproved land. Making a gift of real estate You deed the property to NDSU Development Foundation.
The Foundation then sells it, unless there is a special reason
for holding the property. We can prepare the pertinent
documentation
for review by your counsel. How you can save taxes With a gift of real estate, you benefit from a Federal income
tax
charitable deduction for the appraised full fair market value of
the
donated property. You may use your deduction up to 30 percent
of your adjusted gross income. Any unused deduction can be
carried
forward until consumed for up to five additional years if
necessary.
With a gift of appreciated real estate, you also avoid the
capital gains tax.
Furthermore, you may realize significant estate tax savings. Additional considerations Gifts of real estate require a written appraisal and IRS Form
8283
to substantiate your charitable income tax deduction. For your
protection,
you should not enter into any type of binding agreement to sell
the real
estate before deeding the property to NDSU Development
Foundation.
Mortgaged property requires special planning. If you would like to receive more information about gifts of real estate, please e-mail:
You can write to us at: NDSU Development Foundation |
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