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Gift of Undivided Interest of Property
Donors are allowed a charitable deduction for the value of an undivided portion of their entire interest in a property. This consists of a fraction or a percentage of each substantial right or interest in the property. The donated interest must extend over the entire term of the donor's interest.
Example: Mrs. Chang conveys a 4/10 undivided interest in 10 acres of land, including a vacation home. The property has a total value of $250,000.00. She has the right to use the property, free and exclusively, for a proportionate part of each year. In addition, Mrs. Chang arranges for the remaining 6/10 interest in the property to be conveyed to the Foundation upon her death, under her Will.
Mrs. Chang is entitled to a deduction of approximately $100,000.00 (4/10 or 40 percent of $250,000.00), subject to the 30 percent adjusted gross income limitation on gifts of appreciated long-term capital gain property.