Gifts of personal property
Works of art, museum objects, rare books, historical documents, manuscripts and other property can be useful to the university, while providing substantial benefits to you as well. Gifts of personal property, however, are subject to certain conditions that do not apply to other outright gifts. For example, for a gift of personal property to be deductible at full fair market value, it must be directly related to the mission of the university. If you wish to donate items valued at $5,000 or more, a qualified appraisal is needed to receive a tax deduction.
Corporations and businesses may qualify for a tax deduction when contributing equipment, inventory or other assets used in the course of business. Equipment and other assets may need to be valued by an independent appraiser for tax purposes. A corporation or business’ charitable donation is limited to their cost basis when contributing their inventory.
For more information, contact Deb Depew at email@example.com or 785-532-7550.