Gifts of Real Estate
Donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to Pace Academy. Please note that Pace must accept gifts of property case-by-case; proposed donations are reviewed by our Gift Acceptance Committee. The property must be free of liens and not under a pre-existing contract or legal obligation to a known buyer.
Benefits of gifts of real estate
- Avoid paying capital gains tax on the sale of the real estate
- Receive a charitable income tax deduction based on the value of the gift
- Leave a lasting legacy to Pace
How to make a gift of real estate
Your real property may be given to Pace by executing or signing a deed transferring ownership. You may deed part or all of your real property. Your gift will generally be based on the property's fair market value, which must be established by an independent appraisal.
If you have any questions about gifts of real estate, please contact us. We are happy to assist you with your questions and provide additional information.
Mortgaged Property - Please contact us if the property you wish to give has existing debt or a mortgage. Indebtedness can affect your charitable tax deduction.
Difficult Property Gifts - Certain properties pose challenges. We have adopted policies to limit the acceptance of certain kinds of real estate. Please check with us before making a gift of real estate so we can explain our gift acceptance policies.
Capital Gains Tax - Check with us on the capital gains tax implications of your gift. You may also be interested in life income options.