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Gifts of Real Estate Temple welcomes gifts of real estate whether they are land, buildings or both. These gifts are unique and are handled on a case-by-case basis. We will ask you to allow us to visit the property and, if necessary, conduct an environmental inspection, before a decision is made to accept your gift. Properties given must be free of any liens and in good condition. In rare instances, the University may accept a property that is mortgaged. In all cases, you must acquire an independent qualified appraisal of your gift if you are to take advantage of any accompanying tax deductions. There are four basic ways to structure your real estate gift: as an outright gift, as a remainder interest in your residence or farm, as a gift to a charitable unitrust, or as a bargain sale. The amount of your immediate charitable income tax deduction will vary depending on which gift option you select. Your gift of real estate can be given outright while you are living or through your will. You or your estate can receive a charitable tax deduction for the appraised value of the gift. If the property is your farm or personal residence (including a vacation home), you may choose to retain a life interest while granting a remainder interest to Temple. In this case, you or anyone you designate may continue to use the property for life. Your charitable tax deduction will be based on the value of Temple's future interest in the property, estimated to be the difference between the appraised value and the value of your retained life interest. You will continue to be responsible for maintenance and property taxes. You may transfer real estate to a charitable unitrust, naming Temple as the remainder beneficiary of this trust. This unique giving technique is wonderful because you can receive a lifetime income from the trust and bypass any potential capital gains taxes that may be due on the appreciated value of the real estate. It is also a great way to remove assets from your estate for estate tax purposes. Your charitable tax deduction is based on the calculated remainder value of the property that will eventually go to Temple. You may also opt for a bargain sale, in which you sell your property to Temple at less than its full market value. You will receive a charitable tax deduction for the difference between the sale price and the appraised market value of the property. Proceeds from the sale are considered to be part tax-free return of investment and part capital gain. It is essential that you connect with our Office of Planned Giving to arrange for a gift of real estate. Please contact Jerry Rohrbach, Director of Planned Giving, at 215-204-5741 or 800-822-6957 or e-mail jerry.rohrbach@temple.edu. | ||||||||
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| Temple University, 1938 Liacouras
Walk, Philadelphia, PA 19122 USA, 215-204-1001. For web-related questions or comments e-mail: gifts@blue.temple.edu Copyright 2000, Temple University. All rights reserved. |