Giving ~ Ways to Give ~ Property
Property
Real Estate
Gifts of real estate are welcomed by General Seminary. It is also possible for you to make a gift of your personal residence, reserving the right to occupy the house for as long as you or your spouse or partner live. If the gift is made on an irrevocable basis, you qualify for an immediate tax deduction for the present value of the Seminary’s remainder interest in the property. This type of gift is known as a Life Estate Contract and is described under the section on Deferred Giving.
Advantages: A gift of real estate enables you to take assets that may be of little or no current benefit to you and have the potential of providing a sizable tax deduction. Gifts of real estate may also avoid capital gains taxes on the appreciated value of the property.
Tangible Personal Property
You may wish to give General Seminary items of tangible personal property such as artwork, rare books and manuscripts, museum-quality artifacts or antiques. Three conditions must be met to ensure that the full fair market value of your gift qualifies for a tax deduction. First, the item must be related to the mission of the Seminary. Second, you must have a possessed the item for longer than 12 months. Third, you must obtain an objective appraisal to determine the fair market value of the property. The Office of Institutional Advancement will respond to any inquiries regarding a gift of tangible personal property to advise a donor on the interest of the Seminary with regard to a particular gift, and to assist in obtaining an appraisal.
Advantages: Gifts of personal property avoid capital gains taxes on the appreciated value of the property.
