REAL ESTATE

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When you make an outright gift of Real- Estate to the Northshore Schools Foundation, you receive a charitable income-tax deduction for the full fair-market value of the unencumbered real estate. You may apply the deduction to up to 30% of your adjusted gross income—in the year of the gift—with the five-year carryover provision. There are no gift taxes. Because you have removed the property from your estate, you may also reduce your estate taxes.

1. Gifts of real estate must be reviewed by the Executive Committee of Northshore Schools Foundation before acceptance.

2. The donor is responsible for obtaining an appraisal of the property. The cost of the appraisal, completed by a qualified appraiser, is borne by the donor.

3. Prior to presentation to the Executive Committee, a member of the staff or designated representative must conduct a visual inspection of the property. If the property is located in a geographically isolated area, a local real estate broker can substitute for a member of the staff in conducting the visual inspection.

4. Prior to presentation to the Executive Committee, the donor must provide the following documents:
• Real estate deed
• Real estate tax bill
• Plot plan
• Environmental Report
• Substantiation of zoning status

5. The Foundation and the donor shall negotiate which party would be responsible to pay for the following charges up to the time of transfer of the gift:
• Maintenance costs
• Real estate taxes
• Insurance
• Real estate broker’s commission and other costs of sale

6. For Northshore Schools Foundation gift crediting and accounting purposes, the value of the gift is the appraised value of the real estate. (Note: The Foundation can choose to exclude from the value of the gift costs for maintenance, insurance, real estate taxes, broker’s commission, and other expenses of the sale.)

7. Any mortgage encumbrances on the proposed real estate must be at least five years old.

8. For all gifts of real estate, a Level One Assessment is required at the cost of the donor.

Please note that no information on this website should be considered as the rendering of legal, accounting or other professional advice. Please consult your personal tax and financial advisors before implementing a planned gift to charity, including the Northshore Schools Foundation. These investment options may have specific consequences for your estate planning. As always, we would be pleased to discuss in confidence how your gift can impact Northshore students.