Charitable Bargain Sales
How it works
You sell your residence or other property to the University of Pittsburgh for a price below the appraised market value, resulting in a transaction that is part charitable gift and part sale.
The University of Pittsburgh may use the property, but usually elects to sell it and use the proceeds of the sale for the gift purposes you specified.
- You receive an immediate income tax deduction for the appraised market value of the portion of the property you donated.
- You pay no capital gains tax on the donated portion of the property.
- You use cash from the sale portion to retire a mortgage or purchase other property.
- You have the satisfaction of making a significant gift to the University of Pittsburgh during your lifetime.
For more information