There are several ways in which real estate can be gifted to benefit The Foundation for Evangelism. First, if you no longer need any benefit from the real estate, it can be gifted outright to The Foundation for Evangelism. Here, you would receive a charitable deduction for the full market value of the property and avoid capital gains tax on the appreciation of the real estate.
Alternatively, real estate could be gifted in a way that provides a benefit to you during your lifetime and ultimately benefits The Foundation for Evangelism. This could be accomplished through a charitable remainder trust. Typically, the property is gifted to the charitable remainder trust and then sold; the trust makes payments to you or other beneficiaries for a period of years or a lifetime, and afterward, the remainder interest goes to The Foundation for Evangelism. More on charitable remainder trusts, (click here).
Another way to give real estate and obtain a charitable deduction, but still retain a benefit, is through a retained life estate. With a retained life estate, you can donate your residence, vacation home, or farm to The Foundation for Evangelism and retain full lifetime use of the property. You will receive an immediate income tax deduction for a portion of the fair market value of your property. You will continue to be responsible for insuring and maintaining the property and for paying property taxes.
When real estate is income bearing, such as rental properties, and the ultimate objective is to transfer these properties to children without estate taxes, a charitable lead trust can accomplish this and also increase overall giving to ministries. The charitable lead trust utilized in conjunction with a family limited partnership can further enhance the overall outcome. Click here for more detail regarding Charitable Lead Trusts.
The Foundation for Evangelism
P.O. Box 985
125 N. Lakeshore Dr.
Lake Junaluska, NC 28745