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Real Estate:

If you own real estate and wish to make a charitable donation to CLC you may find this to be a good way to accomplish your goal. Real estate that has been held for more than one year is generally entitled to an income tax deduction equal to the full fair market value of the contributed property. Also, the donor can avoid the capital gains tax on the appreciated portion of the real estate that would have been taxable if the property were sold. Saving future potential estate taxes and the probate costs are other potential benefits. Further, depending on the type of property you may be able to make a substantial gift to charity without significantly impacting your cash flow. In addition, CLC uses The National Christian Foundation (NCF) to handle the administrative burden by receiving, managing and selling the asset for you. 

The process works as follows: 

1. Once you and your advisor decide that a gift of real estate is appropriate in your financial and gift planning you will need to submit the following to NCF: 

• Copy of the current deed 

• Boundary survey 

• Last tax assessment notice/tax bill paid 

• Current insurance coverage 

• Copy of title insurance policy 

• Any agreements associated with property 

• Phase 1 environmental inspection report 

• Current appraisal 

 

Provided by NCF 

• Real Estate questionnaire 

• Indemnification agreement 

• Environmental questionnaire 

 

The above items allow NCF to understand the asset and answer relevant questions, such as, “Is the asset transferable?” and “What is the best method of transfer?” NCF reviews the gift and submits a gift offer letter to you as owner. As the decision is made to proceed, a transfer document is drawn up. 

2. When the transfer document is executed, your gift date is established. Additional items, such as an appraisal and Form 8283, may need to be completed after the gift has taken place. 

3. Upon the sale of the asset the net proceeds will be placed in CLC’s Legacy Single Charity DAF. 

  

Download PDF HERE

If you would like further information contact Hank Miles, Treasurer, at 615-370-5020.

E-mail Hank Miles, Treasurer

  “Have you included CLC in your will or trust?” 

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