Planned Giving
Gifts of Personal Property: The Details
Is this gift right for you?
A gift of personal property is for you if…
- You hold artwork, antiques, or other personal property that you no longer wish to maintain.
- You hold equipment or other items that would be useful to our mission.
- You want to avoid capital gains tax on the transfer of these assets.
The IRS gives donors who contribute appreciated property, like securities and real estate, two tax breaks: a charitable deduction for the full fair market value of the asset, and no capital gains tax on the transfer to Indian River State College Foundation.
The same benefits also encourage gifts of personal property: artwork, antiques, equipment, and other items that help us advance our mission.
If you are considering such a gift, please talk with us first. We can determine if the items can be used by us – a requirement for you to claim a full deduction. If you donate personal property that is liquidated for cash, the IRS will limit your charitable deduction to your cost basis in the property.
We do reserve the right to sell the property at a later date if it can no longer be used or properly cared for by Indian River State College Foundation.
Planning points
- You will need to secure an independent appraisal of the property to establish the amount of your deduction.
- Most gifts of personal property are made to Indian River State College Foundation outright. In some cases, it may be possible for you to arrange for life income to be paid to you in return for the gift. Consult with your advisors and our office before proceeding with such a plan.
Please contact us so that we can assist you through every step of the process.
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Create a Lasting Legacy
Philanthropic planning is a powerful mechanism for meeting personal estate planning objectives while making a meaningful impact on the College’s initiatives and mission. At Indian River State College, we welcome the opportunity to work with estate planners to ensure that your clients find the charitable arrangements that best meet their needs.
Estate-planning options can achieve significant tax benefits while furthering a client’s philanthropic goals:
- Gifts through a will or trust
- Charitable trusts and gift annuities
- Donation of stocks and mutual funds
If your client has already included or intends to include Indian River State College in their will or estate plan, or if you would like someone from IRSC Institutional Advancement to contact you to discuss how to support IRSC as part of their estate planning strategy, please contact us.
