Real Estate & Personal Property

Real Estate:  A gift of real estate may include personal residence, investment propery or undeveloped land.  An outright gift of real estate held by the donor for more than 12 months provides the donor with a charitable income tax deduction for the full market value of the property, based on an independent appraisal.  The deduction is limited to 30 percent of the donor’s adjusted gross income, but the remaining value of the deduction may be carried over and used for deductions for the next five years.

Personal Property:  A gift of personal property may include jewelry, paintings, stamp/coin collections or antiques.