A gift of real estate can also be a wise decision tax-wise. A residence, vacation home, farm, acreage, or vacant lot may have so appreciated in value through the years that its sale would mean a sizable capital gains tax. By making a gift of this property instead, you would avoid the capital gains tax, and, at the same time, receive a charitable deduction for the full fair market value of the property.
Many gifts received by the MCG Foundation are gifts of real estate. There may be considerations and requirements that must be met before a gift of real estate can be accepted by the Foundation. Gifts of land, its natural resources, and any buildings should be counted values by qualified independent appraiser, as required by the IRS for valuing non-cash-contributions. The Foundation staff is available to assist you through the procedure of gifting real estate.