Tell someone at TMI that you would like to consider a gift of real estate.
A representative from TMI will discuss the possibility with you; TMI has a checklist of information the Board requires it to collect about potential gifts of real estate (click here to view the checklist). If, after learning about the property, the gift appears beneficial to you and to TMI, the TMI representative will work out a time to see the property and to talk with a real estate expert familiar with the market for that property.
You will need to secure a timely appraisal on the property. The appraisal must be valid no more than 60 days prior to your transfer to TMI but can also be obtained after the transfer so long as it is before you file your tax return and that the value of the property is determined as of the day you gave it to TMI. Sometimes, if TMI sells the property to a third party soon after your gift, that sale can serve as the basis for the appraisal. For that reason, as well as TMI’s desire to know as much as possible about the market for the property, it is critical for you and for TMI to discuss plans for the property after your gift.
After TMI completes its due diligence on the property, you sign a new deed naming TMI as the owner.
TMI will send you an acknowledgement and receipt for the gift. TMI will also send you a copy of IRS Form 8283, signed by both TMI and the person who appraised your property.
You receive an income tax deduction for the full market value (as determined by the appraisal) of the gift. If you cannot use all of it in the year you transferred the property, you can roll it over for up to five additional years. You also avoid all the capital gains tax you would have owed if you sold the property outright.
For more information on ways to give to TMI or to find out how you can submit your gift to TMI, please contact our Advancement Department, at email@example.com.
Please remember that when making a financial decision, you should always seek the opinion of your professional tax adviser or legal counsel.
MISSION: TMI provides an exceptional education with values based on the teachings of Jesus Christ that challenge motivated students to develop their full potential in service and leadership.
NOTICE OF NONDISCRIMINATORY POLICY AS TO STUDENTS Texas Military Institute (dba TMI Episcopal) admits students of any race, color, national and ethnic origin to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. It does not discriminate on the basis of race, color, national and ethnic origin in administration of its educational policies, admissions policies, scholarship and loan programs, and athletic and other school-administered programs.
TMI Episcopal 20955 W. Tejas Trail San Antonio TX 78257 phone (210) 698-7171 fax (210) 698-0715