Planned Giving - Hope for the Future
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.
For additional information, please call Wilfredo Lacro, Major Gifts and Gift Planning Officer, HOPE Services at 408-284-2842 or wlacro@hopeservices.org
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Please
note, individual financial circumstances will vary. The information
on this site does not constitute legal or tax advice. As with all
tax and estate planning, please consult your attorney or estate
specialist. All material is copyrighted and is for viewing purposes
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This Planned Giving section has been developed for HOPE Services
by Future
Focus.
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Revised:
March 16, 2010 13:22.
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