A gift of property is a creative way to give to Hampshire.
Gifts of Real Estate:
A charitable gift of real estate, whether it is your personal residence, a vacation home, a farm, commercial real estate, or vacant land, offers the advantage of qualifying for a charitable income-tax deduction based on the fair market value of your property with no capital gains liability for making the transfer to the College.
There are several ways to donate real estate:
1. You can donate your property outright. For example, if you donate your primary residence, you can exclude up to $250,000 (for a single person) or $500,000 (for married couples) of the net sales gain, which may be more advantageous than selling. Note: This tax break does not apply to real estate other than your primary residence.
2. You can donate a fractional interest in the property.
3. You can use your property as an asset in making a gift such as a charitable unitrust.
4. You give your home to the College but retain the right to live in it for the rest of your life (or the life of a family member) through a retained life estate.
We would be happy to review your offer and evaluate the condition and marketability of the proposed real estate to determine that the donation is risk-free and appropriate for all parties. Note: The IRS requires donors of real estate to secure an independent appraisal to establish the fair market value of the property. We can assist you in following the IRS procedures to obtain the appraisal.
- No tax burden on its appreciation.
- No capital gains tax on the transfer of ownership.
- A charitable deduction on your income tax for the full market value of your gift.
Gifts of Personal Property:
In addition to gifts of real estate, gifts of personal property are a meaningful way to contribute to the College. Making a gift of tangible personal property, such as art, a prized collection, antiques, or securities, may allow you to take a tax deduction for its full fair market value if it is related to our exempt function.
- Income-tax deduction for the appraised value of your gift, as long as the gift can be used by Hampshire to carry out its mission.
- The ability to benefit the College without using cash.
- No capital gains tax on certain types of personal property.
- In the case of securities, relief from capital-gains tax.
To learn about gifts of real estate or the kinds of property that would benefit our mission, please contact us.