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Your residence, farm, vacation home, and commercial or other real estate that you have owned for more than 12 months may be used to make a gift to Whitman College. Real estate assets can be used to create some life income gifts, and they can easily be donated to the college through a bequest. An entire piece of property or an undivided fraction thereof can be donated. A gift of real estate enables you to realize a tax deduction, avoid some or all capital gains liability, and if desired, retain lifetime occupancy for you, your spouse, and possibly an additional person. Lifetime occupancy, known as a retained life estate, is limited to primary residences and un-rented vacation homes. Learn more about Retained Life Estates
Whitman College may continue to use the real estate. For example, 15 farms donated to the College are still producing valuable crops and returning income to Whitman. Many of the locally donated homes are used for visiting faculty or as special interest houses. If Whitman is unable to use the property, it may be sold and the proceeds added to the endowment or used for the purpose designated by the donor.
Bargain sale: In some instances, you may choose to sell property to Whitman for less than its fair market value. The difference between the fair market value and the actual sales price is deductible as a charitable gift. If the sale involves capital gain property, the proportion of gain allocated to the selling price is recognized by the donor.
Please note: To substantiate the value of a gift of real estate for income tax purposes (if it is worth more than $5,000), you will need to obtain an independent appraisal from a qualified appraiser. Whitman College will conduct a Level 1 environmental review of the property before any real estate is accepted.
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