I am debating if I should donate the land or wait a year so that I can get a better deduction.
this is up to you. there are costs involved with holding the land like real estate taxes. no one can tell you what real estate values will be almost a year from now or what the tax laws will be that could affect the tax value of the donation. to be of any benefit you must itemize your deductions. Put s another way I don't think anyone can tell you with any certainty whether it's better to do it ASAP or wait.
