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If I give the house to someone, how can realize any tax benefits?
The only benefit that you could realize would be if you were to give the property to a not-for-profit organization, such as a public charity, church, school or a conservation commission for example. There would be no benefit if you gave the property to an individual. Of course if you were to turn the property into rental property, you are already familiar with the tax benefits of sheltering some of the rent via depreciation deductions, etc. Of course, given the figures you cited, that benefit would be minimal as your tax basis would only be the 44K you have invested in the property and then you would have to make an allocation between land & building and the building would have to be depreciated on a straight-line basis over 27 1/2 years (presuming it is residential rental property).
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