When sold, property other than your principle residence is open to capital gains tax, as half of the appreciated value or capital gains has to be declared as income. It is then taxed at your marginal tax rate. But if that property – residential, commercial or undeveloped real estate – is given to charity, you would receive a donation receipt equal to the appraised fair market value of your property. That donation receipt can be used as a tax credit, which should exceed the capital gains tax on that property and offset other taxes as well.
If the gift is your personal residence, there would be no capital gains tax, and the tax credit generated would offset other taxes. Besides outright donations of real estate there are other options that allow you to live in the residence for your lifetime or retain a fractional interest in the property.
Please consult your financial adviser regarding the value of giving the gift of real estate.