Real Estate

Gifts of Real Estate

The ELCA accepts gifts of debt-free, environmentally-clean real estate as outright gifts for funding charitable remainder unitrusts after such gifts have been approved by the ELCA Foundation. A qualified appraisal (i.e. qualifying under federal law to support an income tax charitable contribution deduction) within sixty days of the gift is an expense of the donor as are any required environmental audits that the Foundation may request after an on-site inspection by a representative of the Foundation.

Minimum Real Estate Gift Values

Charitable Remainder Unitrust - $100,000.00
Outright Gift for Ministry - (no minimum)

Appraisals
Obtaining a qualified appraisal of real property is the responsibility and expense of the donor. Qualified appraisal guidelines are available directly from the IRS within publication 561.

  IRS Publication 561  [Determining the Value of Donated Property]

An IRS Form 8283 must be completed by the donor and the qualified appraiser. The appraiser must include a description of the property and the qualified appraisal value on the Form 8283. The ELCA, after completion of its section on Form 8283, will return the original form to the donor to be included with the donor's federal income tax return. The ELCA will file Form 8282 as required by the IRS upon liquidation of real estate that is sold within three years of the gift.

Gift Value

The qualified appraised value of real property is the gift value. The sale value, impacted by the real estate market in a given geographical area, may be less or more than the appraised value. If the sale value is significantly lower than the appraisal, the income tax charitable contribution deduction needs to be recalculated.

Environmental Questionnaire
An environmental questionnaire is required for all real estate gifts. Some potential real property gifts may require a Phase I environment survey conducted at the donor's expense.

  Real Estate Environmental Questionnaire


Here to help
Our nationwide network of professional gift planning staff can help you explore a variety of possibilities for making a significant gift to ministry and fulfilling your legacy goals at the same time. 

The examples and information on this page are for illustrative and educational purposes only and should not be considered tax or legal advice. Please consult with your tax or legal advisor before proceeding.