UK Real Estate Foundation
A gift of Real Estate can be beneficial to the University, either from the proceeds of the property’s sale, or as a resource for future growth and expansion. A home, farm, office building or undeveloped lot can be a charitable contribution. Under current statutes, you receive a tax deduction for the full fair market value of your Real Estate gift, up to 30 percent of your adjusted gross income. Any unused portion of the gift deduction can be carried forward for up to five additional years. This type of gift can minimize your taxes and reduce worries for your heirs. As with a gift of long-term appreciated Securities, capital gains tax can be avoided by transferring ownership of your Real Estate to the University of Kentucky. Gifts of a personal residence or farm can be made with the stipulation that the owners (or other specified persons) may continue to reside in the property for the remainder of their lives or for a designated period of time.
A gift of Real Estate can also be used to fund a Charitable Remainder Trust, generating income for you and your beneficiary for life.
Retained Life Estate in Property
You can generate a current income tax deduction by giving a home or farm to UK, while retaining the right to use the property during your lifetime. The property will also be removed from your taxable estate.
For additional information, please contact:
Ford Stanley, Senior Director of Estate and Gift Planning, Executive Director of University of Kentucky Real Estate Foundation