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.
BackYou can plan a gift that will not affect your cash flow.
Take advantage of appreciated securities, avoid tax.
Make a significant gift, no matter the size of your estate.
Donate double-taxed assets and leave more to family.
Donate a valuable asset, receive powerful tax benefits.
Donate personal property, receive signifcant tax benefits.
Make a gift from your DAF, or name us a beneficiary.
Planning your estate and legacy for future generations, including your charitable interests, takes careful evaluation. Consulting with the appropriate professionals can assist you.
The gift planning information presented on this Planned Giving website of Newark Academy is not offered as legal or tax advice.
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