There are many options for donating your home, second home, commercial building, raw land, farm, or other real estate to Franklin & Marshall College. There may be a gift plan available that will help you achieve your charitable and financial goals.
A gift of real estate could be right for you if:
- You own real estate for which you no longer want to be responsible.
- You are willing to donate your home if you can continue to live in it.
- You own real estate that you are willing to sell to us for a bargain price.
- You own real estate that you are willing to donate if you get income in return.
- You want to save income taxes.
- You want to make a generous gift to F&M.
How it works
Here are some common techniques for making a gift of real estate to F&M.
- Give your real estate now.
- Give your home now, but continue to live in it as long as you wish.
- Give your real estate now and receive payments for life.
- Give your real estate through your estate.
- Give a portion of your real estate and keep the rest.
- Sell your real estate to us for less than its appraised value.
Example
Kenneth Novosky owns several buildings in his hometown. While they have been a good investment for him over the years, he's ready to stop being a landlord. His properties have grown substantially in value, so he's concerned that he will have a big capital gains tax bill to worry about if he sells them. He would also like to show his dedication to Franklin & Marshall College by making a major gift.
One of Kenneth's buildings is appraised for $300,000. He purchased it for $45,000. Kenneth proposes that he donate it to us which will eliminate his concern over capital gains tax. After performing our own review of the property, we confirm that the appraised value is accurate and that we have no environmental or financial concerns regarding Kenneth's property.
Benefits
- Kenneth receives a $300,000 income tax deduction.
- Kenneth saves $111,000 in income tax and $51,000 in capital gains tax.
- Kenneth is relieved of all responsibilities of owning the property.
- Kenneth gains the satisfaction of providing substantial support to F&M.
For more information on this gift or any other of our gift planning options please contact Mary Ann M. Cooke, J.D., ’90 at 717-358-4821, mcooke@fandm.edu. You may also click here to learn more about gifts of real estate.