Personal Property

A charitable gift of appreciated real estate or personal property, whether it's your residence, a farm, commercial property or vacant land, is a valuable gift to North Island College that is also beneficial to you.

By transferring ownership of your personal property – now or in your estate planning – you qualify for a charitable income-tax deduction based on the fair market value of your property with no capital gains liability. Alternatively, you could transfer the residual interest in your residence and retain the right to use the property for life, giving you an immediate tax benefit.

Benefits to You

• If you gift real estate today, you will receive a receipt for income tax purposes for the fair market value, which you can use to offset your income taxes for up to five years.
• If you gift real estate in your will, your estate will receive a receipt for your final income tax return that could reduce the taxes owed by your estate by up to 100% of your net income in the year of your death and the previous year.
• By giving a gift of real estate in your will, you keep full control over your assets during your lifetime; your gift does not impact on your personal lifestyle today but makes a tremendous impact for students and education in the future.
• A gift of real estate in your will or living trust provides the opportunity to donate a much larger gift than you may be able to give in your lifetime.

Our practice is to evaluate the uniqueness of each gift to determine its suitability as an educational resource or a saleable asset with the earnings directed toward a donor-specified project or program area. We would be happy to review your offer of personal property to ensure the gift is appropriate for all parties.

Our website information is intended as a general overview only and not as legal or tax advice. Please consult with a qualified professional advisor to determine the best strategy for your situation.