Gifts of real estate, tangible personal property or other assets
A gift of real estate allows you to take a tax deduction, avoid capital gains tax, and provide support for the Foundation. To qualify for tax benefits, you must own the property for at least 12 months before giving it to the Foundation. The gift may be an entire piece of property or an undivided fractional interest in it. Each proposed gift of real estate is evaluated on a case-by-case basis. The owner must obtain a qualified appraisal for tax purposes.
You may make a gift of real estate to the Foundation and still retain lifetime occupancy for yourself and/or another person. Twin Falls Education Foundation does not take possession of the residence until after the lifetimes of the tenants you have named. However, you are eligible to receive an immediate income tax charitable deduction because the gift cannot be revoked. The amount of the deduction depends on the value of the property and your age (and the age of any other person given life use).