Any unused deduction can be carried forward until consumed for up to five additional years if necessary. With a gift of appreciated real estate, you also avoid the capital gains tax. Furthermore, you may realize significant estate tax savings. Additional considerations Gifts of real estate require a written appraisal and IRS Form 8283 to substantiate your charitable income tax deduction. For your protection, you should not enter into any type of binding agreement to sell the real estate before deeding the property to NDSU Development Foundation.
Mortgaged property requires special planning.