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 beforecontributing 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.
Please CONTACT US to discuss your
unique circumstances.