Real Estate

Some people choose to make a gift of real estate to the Northshore Schools Foundation Endowment. They 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.

How It Works

1. Gifts of real estate must be reviewed by the Executive Committee of Northshore Schools Foundation before acceptance. Please note that any mortgage encumbrances on the proposed real estate must be at least five years old.

2. Prior to Executive Committee review, a staff member or designated representative conducts a visual inspection of the property. If the property is in a geographically isolated area, a local real estate broker can substitute for a member of the staff in conducting the visual inspection.

3. The donor also must provide the following documents:

• Property appraisal obtained and funded by donor.

Real estate deed

Real estate tax bill

Plot plan

Environmental Report

Substantiation of zoning status

4. The donor must provide a Level One Assessment.

5. The Foundation and the donor 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 Endowment 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.)

Please contact us at legacy@nsdfoundation.org to discuss legacy giving options.