Almost any type of real property – a personal residence, a farm, a vacation home, a commercial building, or an undeveloped parcel of land – can be a gift. Gifts of real estate may be made either outright or through other methods.

If the property is long-term capital gain property given outright, you’ll generally avoid any tax on the gain, reduce your taxable estate by the value of the gift, and receive a charitable contribution deduction for 100 percent of the fair market value of the property.

Your actual income tax savings will depend on your tax bracket. You may deduct the value of the gift, up to 30 percent of our adjusted gross income. Under certain circumstances, however, you may choose to qualify for a 50 percent annual deduction by reducing the value of your gift to its cost basis.

For more information about giving real estate to the Medical Center, please contact Dion Guest, gift planning officer, at (859) 257-7303.

Note: Please check with your financial advisor for details about which method may best work for you.