Convert your property to its full potential
As with gifts of appreciated stock, a gift of real estate to the Michigan Tech Fund can benefit both you and Michigan Tech. There are a number of ways to make a gift of your personal residence, vacation home, farm, timberland, or other property:
- You may make an outright gift of real estate. By converting it into immediate support for Michigan Tech, you will receive the maximum income tax deduction and freedom from further concern about the management or sale of your property.
- You may convert your real estate into a new stream of income for yourself or others by using it to establish a life income gift (see page 23).
- You may give your real estate to Michigan Tech while continuing to enjoy it. Called a life estate gift, you make an irrevocable gift now and realize an immediate income tax deduction, yet retain the right to use the property for as long as you wish. Real estate taxes, maintenance, and insurance remain your responsibility.
Gifts of real estate typically require the donor to arrange and pay for a qualified appraisal no more than 60 days before the gift date. To assess its potential benefit to Michigan Tech, every gift of real estate is carefully evaluated before it is accepted.
Contact the Office of Gift Planning for more information.
Benefits of real estate gifts
- Immediate income tax deduction based on current fair market value of property
- Avoidance of capital gains tax on gifts of appreciated real estate
- Significant support for the Michigan Tech program of your choice