- Ways to Give - Leave a Legacy for Ministry
     
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Gifts of Real
Estate The ELCA will accept a gift of environmentally-clean real estate only after approved by the ELCA Foundation either as an outright gift or to a charitable remainder unitrust. A qualified appraisal (i.e. qualifying under federal regulations to support a federal income tax charitable 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. Contact the ELCA Foundation or your ELCA Foundation regional gift planner for more information and instructions. Minimum Real Estate Gift Values
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 (PDF) 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 Foundation, 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. Upon liquidation of the property, the ELCA Foundation will provide the IRS with the sale price on Form 8283. 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 charitable tax deduction may need 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.
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