Gift of tangible personal property
Turn Your Treasures Into a Charitable Legacy
Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats and other personal property 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, like 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. The gift planning team at MultiCare Foundations will work with you and your advisor to determine the type and how a gift, like those listed below, may fit into your plans.
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.
Ways to Use Property as a Donation
An outright gift. This allows you to benefit better care in your community today and receive a federal income tax charitable deduction if you itemize.
A gift in your will or living trust. You can leave a legacy at a MultiCare program or foundation by donating property to (Short) through your will or living trust.
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 $30,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $20,000 plus the payment from us of $30,000.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by a MultiCare program, consider making a gift of property in their name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of a MultiCare program or foundation will last forever.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
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, art, cars and boats may be able to be gifted and sold to benefit your fund.
Get free planning help
The MultiCare Foundations is proud to provide free and confidential estate planning services through Thompson & Associates for friends like you.
Not sure how to begin planning?Download a free personal estate planning kit
Ready for next steps?
- Contact our gift planning team at 253-403-3093 or email@example.com for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor. (Need an advisor? Look here for advisors familiar with MultiCare foundations and services.)
- If you include a MultiCare program or foundation in your plans, please refer to our sample bequest language and use our legal name and federal tax ID number.
- If you have already named a MultiCare program or foundation in your plans, please let us know so that we can carry out your wishes as intended and thank you for your gift.