This thesis offers an overview of the value of real estates according to tax law in the context of Austrian private foundations. The structure of this thesis is divided into four parts.At first, Austrian private foundations in general are described. After a definition of the term, the corresponding bodies as well as the establishment of private foundations are depicted. Moreover, the first part of this paper defines the different kinds of private foundations. Additionally, the Austrian tax on entries of foundations is evaluated, followed by a definition of what kind of assets can be devoted to a private foundation and according to which legal requirements their validation takes place.The second part describes the endowment of real estates for Austrian private foundations and the consequences according to tax law. The focus here lies on the changes implemented by the Budget Accompanying Act in 2012 in the area of taxation on foundations as well as the revision of the land transfer text law.The third part of this thesis deals with the running taxation on income in the context of properties of Austrian private foundations. The focus lies, on one hand, on the income of the foundation gained from renting and leasing and, on the other hand, on the income from the sale of real estates. Another important part of this thesis comprises the relevant changes for private foundations in the area of property taxation from 1. April 2012.The fourth and last part starts with the contribution of private foundations to the beneficiary and the ultimate beneficiary. Ultimately, money allowance, fringe benefits and benefits of use are differentiated and the consequences according to tax law for real estates in case the foundation is annulled or revoked are described.