Did you realize that valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can be used to support our work? Your treasures can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our mission.
Related use property—e.g., a piece of artwork donated to an art museum—is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
There are several ways to make a gift of personal property to us:
An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction when you itemize.
A gift in your will or living trust. You can leave a legacy at Loomis Chaffee by donating your treasures to us through your will or living trust. A benefit of donating property through your will is that it gives you flexibility to change your mind at any time.
A bargain sale. You can sell us your property for less than the fair market value of the item. For example, if you sell us an antique for $25,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $25,000 plus the payment from us of $25,000.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of Loomis will last forever.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, works of art, cars and boats may be able to be gifted and sold to benefit your fund.