Tangible Personal Property
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.
Return to Appreciated Assets.
Jon Calder, Director of Major and Planned Giving
(253) 428-8415
Email:
joncalder@fhshealth.org
Please note, individual financial circumstances will vary. The information on this
site does not constitute legal or tax advice. Donor stories and photographs are
for purposes of illustration only. As with all tax and estate planning, please consult
your attorney or estate specialist. All material is copyrighted and is for viewing
purposes only. Use of this site signifies your agreement with the section terms of use. The content in this Planned Giving
section has been developed for the Franciscan Health System and is owned by Future Focus. Please report any problems
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