Gifts of Real Estate

Summary

Real estate can be contributed as an outright gift or used to finance a planned gift, such as a charitable trust. Available options include a retained life estate, which allows the donor to continue using the property for a certain number of years or for the donor's lifetime. Other arrangements offer special tax advantages and lifetime income.

Gifts of real estate, such as undeveloped land, a residence, a vacation home, a farm, or commercial property,  should be arranged through the Office of  Development and made through the University’s Real Estate Foundation.  The foundation requires the donor to bear certain costs when making a real estate gift, such as an appraisal to determine the fair market value. Also, the foundation deducts transaction costs from the proceeds of the sale of the property, including the closing costs, title insurance, a survey (if needed), and any taxes due before the gift is completed.

A gift of real estate may also be used to fund a charitable gift annuity providing income to the donor! Learn more about a charitable gift annuity.

Benefits

1. Receive an income tax deduction for the fair market value of the real estate.
2. Pay no capital gains tax on the transfer.
3. The gift’s value is removed from your estate, lowering your estate taxes.
4. Make a significant gift to the college without adversely affecting your cash flow.
5. Transfer the inconvenience and expense of managing the property.

For more information

Office of Development & College Relations
The University of Virginia's College at Wise
Bowers-Sturgill Hall
One College Avenue
Wise, VA 24293
Phone:  (276)328-0129
Fax: (276)376-1024

Download a Planned Gift Document.

Click for Making a Planned Gift Homepage.

UVa-Wise does not provide legal, tax or financial advice. We strongly recommend that you consult professional advisors on all legal, tax or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.