Real Estate

Gifts of property are typically handled on a gift by gift basis. A qualified appraisal is needed to determine your tax deduction. There is a variety of ways to structure your real estate gift such as an outright gift, as a remainder interest in your residence, or as a bargain sale.

Gift of real estate to Wills Eye or a bargain sale transaction may be desirable, subject to review and approval of Wills Eye Foundation Gift Acceptance and Recognition policies. It is possible for you to make a gift of your personal residence, farm or vacation home, reserving the right to occupy it for as long as you and your spouse live. If this gift is irrevocable, you qualify for an immediate tax deduction for the present value of the remainder interest in the property.

Outright

Your gift of real estate can be given outright while you are living or through your will.

Remainder Interest in Your Residence

You can gift your personal residence or vacation home to Wills Eye, retain a life interest while granting a remainder interest to Wills Eye. In this case, you or anyone you designate may continue to use the property for life. Your charitable tax deduction will be based on the value of the future interest to Wills Eye in the property, estimated to be the difference between the appraised value and the value of your retained life interest.

Bargain Sale

Through a bargain sale, you sell your property to Wills Eye at less than its full market value. You then receive a charitable tax deduction for the difference between the sale price and the appraised market value of the property. Proceeds from the sale are considered to be part tax-free return of investment and part capital gain.