Real Estate
Want to make a big gift to the University of North Georgia without touching your bank account? Consider giving us real estate. Such a generous gift helps us continue our work for years to come. And a gift of real estate also helps you. When you give us appreciated property you have held longer than one year, you qualify for a federal income tax charitable deduction. This eliminates capital gains tax. And you no longer have to deal with that property’s maintenance costs, property taxes or insurance.
Another benefit: You don’t have to hassle with selling the real estate. You can deed the property directly to UNG or ask your attorney to add a few sentences in your will or trust agreement.
An Example of How it Works
Joan purchased a rental property years ago and has watched it grow steadily in value. Still active in her career and traveling frequently, she’s beginning to find management of the property more and more of a hassle. At this stage of her life, Joan has decided to move to a 55+ condominium development, where all exterior maintenance is provided and she doesn’t have to worry about security issues. Janet sees this as an opportunity to give her rental property to a charity that’s important to her while realizing valuable tax benefits.
Joan avoids capital gains tax on the appreciation and qualifies for a federal income tax charitable deduction of $250,000, which is for the property’s fair market value today. She is able to claim 30% of her $200,000 adjusted gross income, or $60,000, in the year of the gift. In the five years following, she can continue to use up the remaining $190,000 deduction. Joan is happy in her new condo and loves knowing that the gift of her property will make a big difference supporting our mission.
Fund Your Donation With:
Real Estate
For questions, please contact Directors of Estate & Gift Planning Jeff Boggan, jeff.boggan@ung.edu or Wendi Huguley, wendi.huguley@ung.edu.