A gift of real estate can be an effective way to make a significant gift to the University without touching your capital or income. Almost any marketable real estate is suitable, including personal residences, farms, commercial buildings, forest land, and investment property and you may be entitled to an income tax deduction for the property's full appraised fair market value. Unencumbered property is best and generates the greatest tax benefit.
Gifts of real estate may be made in various ways:
- an outright gift of property
- a residual interest in the property: VIU gets the deed but you can live in and enjoy the property for the rest of your life
- a bequest in a will
- sale of the property with proceeds donated to VIU
Benefits to You
- allows you to give to VIU without affecting your income or investments
- may offset capital gains taxes on properties that will be subject to a capital gain
- may qualify for a charitable tax receipt for the appraised fair market value of the property
- a tax receipt could result in a tax credit on your tax return, and may result in a tax refund or help to lower the total amount of income tax payable.
The staff of the Office of Advancement & Alumni Relations will work closely and confidentially with you and your advisors to ensure your planned gift suits your financial and philanthropic needs. Contact Jason Coates, Advancement & Alumni Relations Office, Major Gifts and Legacies at firstname.lastname@example.org or at 250.740.6258.