Gifts of Real Estate

Almost any type of real estate may be donated: undeveloped land, farms, commercial buildings, vacation homes, or your residence.

Millikin accepts most gifts of real estate, subject to approval of appropriate University officials, and the University's gift acceptance policy. If you are considering an outright gift of real property to Millikin, please contact our office to discuss this option further. If the gift is approved, you will receive an income-tax deduction for the fair-market value of property (based on a qualified appraisal) in the year that you make the gift. You will also avoid paying any capital gains tax on appreciation of the real estate. The title is irrevocably transferred to Millikin, and we may use or sell the property.

 

If you are interested in making a gift of real estate to Millikin, but wish to continue using the property during your lifetime, you can do so through a retained life estate gift. Here's how it works: the donor transfers title to a personal residence or farm to Millikin. You and your spouse (if applicable) can continue to make use of the residence or farm during your lifetime(s), including retaining any profits from a farming enterprise, and receive an income-tax deduction for the present value of the charitable remainder interest, based on a qualified appraisal, in the year that you make the gift. After your and your spouse's deaths, Millikin can retain or sell the property.