Why give to the TCC Real Estate Foundation?
TCC improves lives through quality, affordable education accessible to everyone in South Hampton Roads. We are helping the region meet the needs of a 21st-century workforce.
Your gift of real estate will help TCC continue to provide cutting-edge classrooms, labs and facilities where we prepare students for in-demand careers or transfer to the best 4-year colleges and universities.
A gift of real estate also helps you.
When you donate an appreciated property that you have owned for more than 1 year to the TCC Real Estate Foundation, you are eligible for a federal income tax charitable deduction. You avoid paying capital gains tax. And you no longer have to deal with that property’s maintenance costs, property taxes or insurance.
Another benefit: You don’t have the hassle of selling the real estate. You can deed the property directly to the Tidewater Community College Real Estate Foundation or ask your attorney to add a few sentences in your will or trust agreement.
Although TCC’s tuition and fees are among the lowest in the region, some of our students still face financial barriers. The TCC Educational Foundation raises funds for scholarships and other forms of student support, such as for textbooks and transportation. Contact Gifts Officer Alexandra Rice at firstname.lastname@example.org or 757-822-1647 to learn more, or visit advancement.tcc.edu.
What we do with property we acquire
Depending on the size, location and condition of the property, the TCC Real Estate Foundation can do several things to maximize its returns. Property can become the site of a new facility. It could be sold, or a structure on the property could be renovated and flipped. All funds generated by the sale of property are used to renovate existing college facilities or build new facilities.
Ways to give
When you make a gift today of real estate you have owned longer than 1 year, you obtain a federal income tax charitable deduction equal to the property’s full fair market value.
Gift in your will or living trust
A gift of real estate through your will or living trust allows you the flexibility to change your mind. You have the potential to support our students with a larger gift than you could during your lifetime.
Retained life estate
Perhaps you like the tax advantages a gift of real estate to the college would offer, but you want to continue living in your personal residence for your lifetime. You can transfer your personal residence or farm to the TCC Real Estate Foundation but keep the right to occupy (or rent out) the home for the rest of your life.
Deferred charitable gift annuity
This donation allows you a federal income tax charitable deduction in the year you set up the gift annuity. You, or someone you choose, would receive payments for life.
A bargain sale can be an effective way to dispose of property that has increased in value, and it is the only gift vehicle that can give you a lump sum of cash and a charitable deduction at the same time.
Charitable remainder unitrust
You can contribute any type of appreciated real estate you’ve owned for more than 1 year, provided it’s unmortgaged, in exchange for an income stream for life or a term of up to 20 years.
Charitable lead trust
This is a way for you to benefit TCC and simultaneously transfer appreciated real estate to your family tax-free.
Memorial or endowed gift
Honor a loved one in perpetuity. When you make an endowed gift of real estate, your contribution is invested with and becomes part of our endowment.
When you transfer real estate to your donor-advised fund, you avoid capital gains taxes and receive a federal income tax deduction based on the fair market value of the property.
Let’s talk about your interests and plans
You and your financial advisor are invited to contact Matt Baumgarten, executive director of the TCC Real Estate Foundation, at 757-822-1780 or email@example.com.