Real Estate Gifts of debt-free real estate may be deductible at the full fair market value on the date of the gift, depending on the situation. There may be no capital gains tax on the appreciation, providing favorable tax incentives. Ways To Give | Donations At Work | Volunteers | Contact Us MONTCLAIR PUBLIC LIBRARY FOUNDATION 50 South Fullerton Avenue • Montclair • NJ 07042 • Phone 973.744.0500 x2222