You will receive an income tax deduction equal to the appraised fair market value of the property. An independent qualified appraisal is required for this purpose and it is up to the donor to acquire such an appraisal. Donating your property may also reduce your estate costs and taxes as well.
In many cases the answer is yes. Real estate can be transferred to a charitable remainder unitrust that will provide the donor with tax reduction benefits as well as setting up an income stream for beneficiaries such as a spouse, children, and/or other loved ones.
The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.