A residence, vacation home, farm, acreage, or vacant lot may have so appreciated in value through the years that its sale would mean a size-able capital gains tax. By making a year-end 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.
It is also possible to make a gift of your home, farm, or vacation home so that you and your spouse can continue to use it for your lifetimes — while you receive a tax deduction. Please give New Life a call 1-800-639-5433 for details.
* based on tax year 2008
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