Tangible personal property such as real estate, artwork and motor vehicles can also be considered for donation. When you make an outright gift of real property held for more than a year, you obtain an income tax charitable deduction equal to the property's full fair market value. This deduction lets you reduce the cost of making the gift and frees up cash that otherwise would have been used to pay taxes. By donating the property to us, you also avoid capital gains tax on its appreciation. Furthermore, the transfer isn't subject to the gift tax, and the gift reduces your taxable estate.
If you'd like to learn more about gifts of property, please contact us at 207-230-7092 or email@example.com