Office of Development : Gifts of Real Estate, Tangible Property, and Securities

If you make a gift of real estate, tangible public property, or non-publicly traded securities, you will need to complete IRS Form 8283 for your personal income tax return.

Gifts of Real Estate

A gift of real estate may be a principal residence or vacation home, a farm, a commercial building, a subdivision lot, or unimproved land. The gift may be the entire property or a fractional interest in the property. You can claim a charitable tax deduction for the full fair market value of the real estate and avoid capital gains taxes on the appreciation. All gifts of real estate require prior approval by Hampton's Gift Policy Committee.

Retained Life Estate in Property

You may generate a current income tax deduction by giving a home or farm to Hampton, while retaining the right to use the property during your lifetime. The property will also be removed from your taxable estate. Contact Hampton's Office of the Vice President for Development to discuss this gift opportunity in more detail.

Gifts of Tangible Property

If a gift-in-kind is related to the "charitable purpose" of the University, which is quite broad for educational institutions, you may be eligible for a deduction of the asset's full fair market value. Examples of gifts-in-kind include laboratory equipment, art work, special collections, furnishings, machinery, computer equipment, and software. Certain gifts of tangible personal property, including art work, require approval by Hampton's Gift Policy Committee.

Gifts of Securities

Gifts of appreciated stocks, bonds, or mutual funds held for more than one year can provide special tax advantages. You can claim a charitable tax deduction for the full fair market value of the securities donated to Hampton and never have to pay capital gains taxes on the appreciation. For gifts of publicly traded securities, the deduction is determined by taking the average of the high and low trading prices of the security on the date of the gift (or the nearest trading date(s)). Securities held for less than one year may also be donated, but the deduction is limited to the lesser of cost basis or fair market value. Contact the Office of the Vice President for Development to arrange a stock to Hampton.

Closely held stock, S corporation stock, limited liability company interests, and partnership interests can sometimes be used to make a charitable gift. Any proposed gift of such assets should be reviewed with Hampton University and your tax advisors in advance. An S corporation, limited liability company, or partnership may also make gifts to Hampton, in which case any deduction generally will be allocated proportionally among shareholders, members, or partners.