Planned Giving

Gifts of Personal Property: FAQs

What are the tax benefits of donating personal property?Layer Closed

The key question to determine is whether or not your donation has a legitimate use related to the charitable mission of our organization. For example a gift of artwork or a stamp collection can enhance an educational purpose; a gift of a piano or other musical instrument can enhance a musical program; a gift of kitchen equipment can enhance a feeding program, etc. If your gift is related to our purpose, then your income tax deduction is based on the fair market value of the property. For gifts of property with a value of $5,000 or more, an independent qualified appraisal of the property is required by the IRS.

If your gift of personal property has no relation to our mission, then your tax deduction is limited to the lesser of cost basis in the property or its fair market value. We suggest that you acquire IRS publications 526 and 561 to review all the comprehensive information available for gifts of personal property.

Can I arrange for a life income stream for my gift of personal property?Layer Closed

In some cases the answer is yes. Personal property can be transferred to a charitable remainder unitrust that will provide the donor with tax deduction benefits as well as setting up an income stream for beneficiaries such as a spouse, children, and/or other loved ones. Only personal property with a value of $50,000 or greater should be considered for this purpose.


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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.

Questions? Fill out the form below.