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.
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
terms of use. The content in this Planned Giving
section has been developed for Self Regional Healthcare by Future
Focus. Please report any problems to webmaster.
Revised: April 15, 2010 11:40 .