Gifts of Real Estate

You can make a gift of your residence, a vacation home or rental property to NYU Langone Medical Center and receive substantial benefits. Real estate may be donated outright, through your estate or indirectly through a life income plan which would provide you with a stream of income for live. If you make a gift of appreciated real estate, you will avoid any capital gains taxes that may be due when you sell the property. You may donate your entire property or a portion of it.

• Charitable Deductions:

For outright gifts of real estate, you will be entitled to a charitable deduction on your income tax return based on the fair market value (appraised value) of the property. You must obtain a qualified appraisal of the property to establish the fair market value.

If you name NYU Langone Medical Center as a beneficiary of your real estate in your will or trust, your estate will receive a charitable deduction for the value of the property.

• Retained Life Estate:

If you are considering leaving your residence to NYU Langone Medical Center through your will, you may wish to consider gifting it today but retaining the right to live in it during your lifetime. Keeping a life estate in your property will enable you to make a significant gift to NYU Langone Medical Center without diminishing your standard of living. You would still be responsible for paying taxes, insurance and maintenance costs, but you receive a substantial charitable income tax deduction in the year the gift is made.

• Receive Income for Life:

If you donate unencumbered real estate to a Charitable Remainder Trust, the trust will sell the property and, with the proceeds, provide you and/or a loved one with income for life. Generally, income is not paid until the property is sold and the trust is funded with the proceeds. When the trust terminates, the remainder of the trust is passed to NYU Langone Medical Center for either general purposes or for a purpose you have designated.

• Approval:

Donations of real estate must be approved by NYU Langone Medical Center prior to transfer.

If you are considering a gift of real estate, either outright or through your estate plan, you should consult with your legal and financial advisors. We will be happy to work with you and your advisors to complete this gift.

For more information about donating real estate, contact the Office of Planned Giving at 212-404-3653, or 1-800-422-4483, or e-mail to: plannedgiving@med.nyu.edu.