Goal: Make a gift of real property, such as coins, stamps, antiques or art/
Benefit: A charitable tax deduction and the possibility of income for life if done through a trust.
Tangible Personal Property, such as art, jewelry, coin collections and household furnishings can be gifted recognizing that there are specific guidelines from the IRS as to the tax deductibility of the gift. Two key issues to be considered before contributing a gift of this type is whether or not the item(s) can be put to related use or whether its use or function is related to the tax-exempt purpose of the charity to which it is donated.
The IRS has very specific guidelines for appraising and reporting gifts of tangible personal property, which must be followed to support a charitable income tax deduction.
There are also requirements regarding the size and value of the gift and time frames within which reports must be filed. Gifts such as these may require approval by our Board of Directors.
