Gifts of Real Estate

A gift to ARC of real property, such as personal residences, vacation home, farm acreage or vacant lot can offer a twofold tax saving. If the property has appreciated in value during your ownership, you must pay a sizeable capital gains tax when you sell it. If you make a gift of the property, you receive a charitable deduction for the full fair market value of the property and you also avoid having to pay the capital gains tax. You may also make a gift to ARC of a remainder interest in your personal residence, and continue to live there during your lifetime, while still realizing a tax deduction in the year you make the gift.