Real Estate

An outright gift of real estate held by the donor for more than 12 months provides the donor with a charitable income tax deduction for the full market value of the property, based on an independent appraisal. The deduction is limited to 30 percent of the donor’s adjusted gross income, but the remaining value of the deduction may be carried over and used for deductions for the next five years.

Gifts of a personal residence or farm can also be made with a retained life estate. The retained life estate allows the donor or a designee of the donor to live in their home for the rest of their life. After that time, the real estate is owned outright by Salesianum School, without the complications of probate proceedings. This gift allows the donor to receive current income tax deductions for the discounted value of the property.