Gifts of Real Estate
How It Works
- You deed your home, your vacation home, undeveloped property, or a commercial building to Illinois Institute of Technology.
- IIT may use the property for its own purposes or will sell it and use the proceeds.
Benefits
- You receive an income tax deduction for the fair market value of the real estate.
- You pay no capital gains tax on the transfer.
- You can direct the proceeds from your gift to a specific program at IIT.
Next
- Frequently asked questions on gifts of real estate.
- Contact us so we can assist you through every step.