Are you talking about giving the land to a charitable organization, you may elect to deduct the cost basis of long-term appreciated assets instead of the fair market value, but your deduction will be limited to 50 percent of your AGI. This allows for a larger current-year deduction (50 percent of AGI rather than 30 percent), but if any of the deduction is carried over, the cost basis and 50 percent AGI limit will apply to those carryovers.