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Success
Story "I am grateful to Baybridge Clubhouse for supporting my education...." |
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Make a Donation |
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| Gifts
· Events
· May
Foundation · Bequests
& Trusts ·
Contact Us Life Income Gifts Bequests Life Insurance Gifts Real Property Gifts Peace of Mind Program |
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| Bequests & Trusts
> Real Property Gifts Real property or non-cash gifts valued at more than $500 require the donor to submit an IRS Form 8283 with his/her tax return in order to claim a charitable deduction. Gifts greater than $5,000 require an appraisal and the signature of the donee organization on the 8283. Property gifts are deductible at 30 percent of the donor's adjusted gross income (AGI) for the year, and donors may claim the excess deduction in up to five additional tax years. Real Estate Real estate includes homes, farmland, lake cabins, commercial buildings, and undeveloped rural property. The donor needs to have a current appraisal in his or her valuation of the gift. Real estate gifts may be given outright, used to fund a charitable remainder trust, or given as a retained life estate. This enables the donor to deed the property to the May Institute but continue to live in their residence for their life. Retained life estate donors receive a partial charitable income tax and estate tax deduction, depending on their ages. Tangible Personal Property (TPP) TPP includes artwork, coin and stamp collections, rare books, and antiques. There are certain rules that donors need to know regarding the acceptance of tangible personal property gifts. For example, for the donor to receive a tax deduction for the fair market value of the property, the May Institute must have a use for the gift that is related to its mission. TPP gifts are usually outright but also may be used to fund a charitable remainder trust under certain circumstances. For more information, contact Ed Ahern at eahern@mayinstitute.org, or call 781-437-1252. |
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781-440-0400 | Toll Free 800-778-7601
| TTY 781-440-0461 Email: info@mayinstitute.org |
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