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Gifts of Real Property

You can contribute real property to the DFNC, either as a bequest or, more commonly, by a lifetime transfer, and realize significant tax benefits. The DFNC looks at possible gifts of property on a case-by-case basis. It is a detailed process but very workable and the rewards are great.

Gifts of real property can consist of almost any type of property: a personal or recreational residence, a farm or ranch, a commercial building, subdivision lots or any undeveloped parcel of land. The gift can be for all of your interest in the property or an undivided fractional interest.

Individual charitable goals and financial needs determine which of the following methods of giving real property is most appropriate for your situation.

Real property is transferred to a charitable remainder trust where it is sold by the trustee. The income is paid to you and/or other named beneficiaries. The income paid to the beneficiaries for life depends on the net proceeds realized on the sale of the real property in combination with a previously agreed upon rate of return. At the death of the last of the life beneficiaries, the assets of the trust pass to the DFNC to support the School of Dentistry. Go to Life Income Gifts.

In very limited situations, ownership of the real property may be transferred to the DFNC, but you retain the right to live on the property for your lifetime. You receive an income tax charitable contribution deduction for the present value of the remainder interest of the gift. Upon the death of the "life tenant," the property can be sold or used by the DFNC.

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