Personal Property/Real Estate
Many items of tangible personal property make suitable charitable
gifts. The available tax deduction depends on whether or not the organization
will use the property in a way that is related to its tax-exempt purpose.
Real estate may be given to Rensselaer either through an outright
gift (property is deeded to Rensselaer) or by bargain sale. In a bargain
sale, Rensselaer agrees to purchase property from the donor at a below-market
price. The donor receives a charitable deduction for the difference
between the market value and the price paid by Rensselaer.
Retained Life Estate
A home, condominium, vacation property, or farm may be gifted through
a retained life estate. You remain in your home as long as you wish
(continuing to pay the taxes, maintaining the property, etc.). When
you die or decide to move out, the house becomes the property of Rensselaer.