Advantages to Donors:
Many donors, particularly the elderly, appreciate the tax benefits and the simplicity of making gifts of real property to The Foundation as opposed to the task of managing or selling the property themselves.
Some donors prefer to make a gift of real property with the understanding that The Foundation will sell it at the earliest logical opportunity and use the proceeds to establish an endowed fund – sometimes in honor or in memory of a friend or family member.
Any gain on the sale of property donated to The Foundation is not taxed to the donor, provided the property was not subject to a binding agreement to sell created prior to the gift. Also, the sale of the property by The Foundation is generally tax-free.
For more information about this form of giving, contact Shari Covitz at (336) 734-7520 or at scovitz@forsythtech.edu.