Yes. In general, a deduction is allowed for the entire value of gifts to qualified charitable organizations.
1Where a donor makes a gift of an interest in property (other than a remainder interest in a personal residence or farm or an undivided portion of the donor’s entire interest in property or certain gifts of property interests exclusively for conservation purposes) to a qualified charity, and an interest in the same property is retained by the donor or is given to a donee that is not a charity, no charitable deduction is allowed for the interest given the charity unless:
(1) in the case of a remainder interest, such interest is in a trust which is a charitable remainder annuity trust (see Q 8087) or a charitable remainder unitrust (see Q 8088) or a pooled income fund (see Q 8096); or
(2) in the case of any other interest (such as an interest in the income from a short term trust), such interest is in the form of a guaranteed annuity or is a fixed percentage of the fair market value of the property distributed yearly (to be determined yearly).2
A charitable contribution deduction is allowable for a gift to charity of a legal remainder interest in the donor’s personal residence even though the interest conveyed to charity is in the form of a tenancy in common with an individual.
3 If an individual creates a qualified charitable remainder trust in which his spouse is the only non-charitable beneficiary other than certain ESOP remainder beneficiaries, the grantor will receive a charitable contributions deduction for the value of the remainder interest.
4
1. IRC §§ 2522(a), 2522(b).
2. IRC § 2522(c); Rev. Rul. 77-275, 1977-2 CB 346.
3. Rev. Rul. 87-37, 1987-1 CB 295, revoking Rev. Rul. 76-544, 1976-2 CB 288.
4. IRC § 2522(c)(2).