|
|
 |
 |
|
|
|
|
| Real Estate |
| Your Gift Will Help IIT Bombay Become World-Class |
|
You can direct your gift to the department, school, or activity you choose, such as improving the library
or endowing a library journal subscription.
Under U.S. tax laws, making gifts to the IIT Bombay Heritage Fund (IITBHF), which is a qualifying non-profit
charitable organization, can be an excellent strategy in your financial planning and will help IIT become a
world-class institute of science and technology. In many instances, giving a portion of your assets to IITBHF
will provide you, your spouse and your heirs more to spend during life, while furthering the goals you share
with other IIT Bombay alumni by using dollars to help the students and faculty of IIT that you would otherwise
pay in income and estate taxes. |
|
| |
|
|
| An alternative way to profit from property and help IIT |
|
|
GIFTS OF REAL ESTATE- There are many ways you can realize tax advantages and benefit IITBHF by donating real estate outright or in trust.
In some instances you even can continue using the property for as long as you live.
By giving real estate that has appreciated, you avoid the capital gains tax on the appreciation
in value and get to deduct the entire fair market value of the property from your income tax return.
If the value of the gift is more than you are allowed to deduct in that year,
the remainder can be carried forward and deducted over the next five tax years.
If the property (other than your residence) has decreased in value, there
may be advantages to selling the depreciated property, giving IITBHF the proceeds and
deducting the capital loss.
You also can continue using property, such as a house or a farm, for as long as you live
and receive tax deductions under an irrevocable arrangement that provides deductions in
the year you make the donation and possibly over the next five years.
Real estate gifts also can provide lifetime income by transferring the property to a
trustee (such as a bank) that sells the land and invests the proceeds under a charitable
remainder trust. The proceeds provide you a fixed or variable annual income, and after
you and your spouse die, any money remaining in the trust goes to IITBHF.
You receive a substantial income tax deduction in the year of the donation and for up to five
years after the donation, plus you avoid capital gain taxes on the appreciated property.
|
|
 |
|
| |
| Remember,
no gift to IIT is too large or too small |
|
The purpose of the information contained herein is intended to provide general information to inform IIT
alumni of the many benefits of giving to IIT Bombay through the IIT Bombay Heritage Fund.
The IITBHF is not engaged in rendering legal or tax advisory services.
For such advice and assistance, you must use the services of an attorney or other professional advisor.
Watch for changes in tax laws. State laws govern wills, trusts and charitable gifts made in contractual agreements.
Advice from legal counsel should be sought when considering contracts.
|
|
| |
| |
|
©
1996-2004 IIT Bombay Heritage Fund. |
|
|
|
