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Real Estate and Other Property
A gift of real estate may be a principal residence or vacation residence, a farm, a commercial building, subdivision lots, or unimproved land. The gift may be the entire property or a fractional interest in the property. You receive a charitable deduction for the full fair market value of the real estate given. Capital gain taxes are avoided on the appreciation, as well. All gifts of real estate require approval by the College’s Gift Acceptance Committee.
Retained Life Estate
Through a retained life estate, one of your valued possessions, your home, can become a valued gift to Brevard College even while you are still living in it, and even if you want your spouse or other person to live there for life.
By deeding your home to the College now, you can obtain a sizable income tax deduction this year. The amount depends on the value of the property and your age (and the age of any person given life use). In addition, you retain the right to rent your home or make improvements to it. You continue to have responsibility for maintenance, insurance and property taxes. Your financial advisor should provide guidance for this arrangement. Please contact Amber Morrish ’99, Director of Development, at (828) 884-8233 for more information.
Tangible Property
Brevard College accepts gifts of tangible items which can be used in ways related to our educational mission or which can be sold and the proceeds used to fund other needs of the College, such as scholarships or renovations. Gifts of either type are accepted on a case-by-case basis, and normally require the approval of the Gift Acceptance Committee. |
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