- Real Estate
- Tangible Assets
- Life Residence
Gifts of real property, such as gifts of vacant land, personal residences, vacation properties, rental property, can offer numerous tax and other benefits very similar to those for gifts of appreciated securities.
You can make this gift by a deed transfer to the CF Foundation during your lifetime, or through your will. Your real estate gift may be made outright, or through an income-producing gift arrangement. While most people give their entire interest away, you may give only a portion of the property (an undivided percentage interest) while retaining the rest for other purposes. You may deduct the value of the gift up to 30% of your adjusted gross income, with an additional five-year carry forward period.
Your tax deduction is based on the current market value of the property at the time you make your gift as determined by appraisal (within six months of gift). If your property has appreciated in value, you may avoid tax on the capital gain, reduce your taxable estate by the value of the gift, and receive a charitable contribution deduction for the full fair market value. In order to avoid capital gain tax, it would be necessary to gift your property to the CF Foundation prior to any binding agreement to sell. The Foundation may sell to an interested party immediately after the gift is made. Property sold within two years from the date of the gift requires reporting to the IRS with no tax consequence if the sale is at or above the appraisal value.
Gifts of tangible assets may include a wide range of items. Tangible gifts that benefit the college's health occupation programs may be eligible for state match funds that are added to the Health Occupations Endowed Scholarship Fund. We invite you to contact the Foundation in advance to discuss your possible gift, including its condition, possible use, and other special concerns that may be important to you.
Tangible gifts that benefit the college's health occupation programs may be eligible for state match funds that are added to the Health Occupations Endowed Scholarship Fund.
We invite you to contact the Foundation in advance to discuss your possible gift, including its condition, possible use, and other special concerns that may be important to you. A decision will be made quickly as to whether the gift can be used by the college and will be accepted. Once possession is taken, the college reserves the right to use the gift in any way that benefits the college, unless a prior agreement has been made with you. We will officially acknowledge the current market value if we have a professional appraisal and the value is over $500. If you do not require a specific market value, then we will give you a general acknowledgment and you may list your own value.
You may gift your personal residence or vacation home to the CF Foundation and obtain an immediate income tax deduction while still retaining the right to live in and use the property during your life.
By deeding the property to the CF Foundation, you retain the right to use it for life, in essence, to use it and care for it the same way you would if you continued to own the property. You may wish to stipulate that your spouse may live there for his/her lifetime or that you continue to live on the property for a given number of years. You will receive an immediate income tax deduction for the contribution equal to the value of the remainder interest given to the CF Foundation.
As with all financial planning, we recommend you consult with your attorney, CPA, or financial advisor. We are most willing to work with these professionals in arranging your gifts to best meet your philosophical and financial goals. If you need professional services, we would be pleased to recommend several persons in our area from whom you may choose to consult.