Deed your home, vacation home, commercial property or investment property to First Pres or the First Pres Foundation. The church will likely sell the property and the proceeds will be transferred to First Pres or the First Pres Foundation. You also have the option of giving a fractional interest in real estate or establishing a life estate, which reserves for you the right to live in your home for the rest of your life before your home passes to the church or the Foundation.
Not all real estate gifts can be accepted by First Pres or the First Pres Foundation. We will gratefully review your offer of a real estate gift and determine whether the donation is appropriate for all parties. In order to donate real estate, you must obtain a qualified appraisal, which becomes the amount of the permitted tax deduction.
Questions that could affect the acceptance of the property:
- Are there any environmental concerns?
- Is there a mortgage on the property?
- Is the property marketable and saleable within a reasonable period of time?
- Are there costs associated with accepting the property?
- Does the property have any liens?
- Do you have plans to continue to use the property?
Benefits of a gift of real estate:
- You receive an income tax deduction for the fair market value of the property.
- You avoid the potential capital gains taxes that would be incurred upon the sale of the appreciated property.
Real Estate can also be transferred to a Charitable Remainder Trust and provide you an income for life.