PERSONAL PROPERTY
Making a donation of tangible personal property can be an easy way to save on taxes and/or dispose of property that is expensive to insure or maintain. Artwork, collections, antiques, stamp and coin collections, and other personal property can make a great charitable gift today or after your lifetime. The School may hold on to the property should it relate to the mission or it may sell the property and use the proceeds to advance the mission. It is critical that you contact the School to make certain we can care for your property before initiating your gift.
Financial benefits for a gift of personal property depend on whether the property relates to our School’s mission. If the donated property is “related to” our mission, then your income tax deduction will be based on the property’s fair market value. The deduction for property that is deemed non-related use property may be limited to the lesser of fair market value or your tax basis on the property.
What Is Fair Market Value ?
Fair market value as defined by the IRS is "the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction."
To learn more visit the IRS' Publication 561.
If the federal income tax charitable deduction claimed for a gift of personal property exceeds $5,000, you will be required to obtain an appraisal from a qualified appraiser and complete IRS Form 8283.
Gifts of personal property will need to be reviewed and approved by the School’s Gift Acceptance Committee.
Contact the Office of Development & Alumni Affairs at 401-643-1269.
The information on this website is not intended as legal, financial, or tax advice. Please consult an attorney, financial advisor, or tax advisor in your planning.