If you make a gift of real estate, tangible public property, or non-publicly traded securities, you will need to complete IRS Form 8283 (.pdf format) for your personal income tax return.
Gifts of Real Estate
In some cases, you may be able to donate a primary residence, vacation home, commercial building or plot of land to the school
A gift of real property can provide you with a combination of advantages and tax savings. Some of the benefits of a real estate gift that is accepted by MVCDS may include:
An immediate charitable income tax deduction in the year you make the gift.
Avoiding capital gains taxes at the time of the transfer.
The opportunity to live in your home or use the property for the rest of your life.
Knowing that the property will be excluded from any estate and inheritance taxes.
Because each property and gift plan is unique, any real estate gift will require careful consideration by your legal and tax advisors and by our advisors and Board of Trustees as well. For more information please contact Michael House, Interim Director of Advancement at 419-381-1313 x117.
Some gifts require an appraisal or advance approval in order to be accepted. Examples of gifts of property include tickets to athletic events, rare books, artworks, computer hardware and software, and laboratory equipment. If the property has been held for more than a year and can be put to a use related to the "charitable purpose" of the school, you may be eligible for a deduction based on the asset's full fair market value.