Tangible Personal Property
Gifts of tangible personal property
, such as, but not limited to, art, antiques and collectibles, may be donated to The Community Foundation. The gift will be evaluated by The Community Foundation before acceptance. You, as the donor, would be responsible for securing an independent appraisal of the item(s) if the value of the gift is over $5,000.
Making a charitable gift of tangible personal property through The Community Foundation can help you take an asset you no longer wish to own and put it to work for community good.
How it Works
- You identify tangible personal property that you would like to give; an appraisal will help you establish its estimated market value and will be necessary to substantiate any charitable tax deduction.
- We assess the property for compliance with our acceptance policies and gather appropriate documentation.
- You may use the asset to start or add to any of our charitable funds. For example, you can use your gift to create a fund in your name, in the name of your family or business, or in honor of any person or organization you choose.
- You may also use this type of asset to fund a planned gift, such as a charitable remainder trust, and turn a non-income producing asset into one that generates income for you.
- Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift - and all future earnings from your gift - is a permanent source of community capital, helping to do good work forever.
- Your ability to claim a deduction for a gift of tangible personal property is contingent on what is considered by the IRS to be “related use”; when contemplating a gift of tangible personal property, you should consult with your tax advisor, as your deduction may be limited to your cost basis.
A gift of real estate releases potential that has been tied up for years, enables you to make a bigger charitable difference than you may have thought possible, helps you avoid estate taxes, and minimizes or eliminates burden placed on your heirs. Charitable gifts of real estate range from personal residences and vacation homes to rental properties, farmland, and commercially developed land.