Property Gifts Make Great Contributions
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-e.g., a piece of artwork given 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.
Ways to Use Property as a Gift
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 Monmouth University by gifting property to us through your will or living trust and receive a federal estate tax charitable deduction.
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.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by Monmouth, consider making a gift to us in his or her name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of Monmouth will last forever.
A charitable gift annuity. You can sometimes use non-income producing property such as valuable stamp and coin collections or works of art in exchange for life payments and a federal income tax charitable deduction. The amount of the charitable deduction depends, in part, on whether the gifted items are retained by the charity and used for its tax-exempt purpose.
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.
- Contact Lucille Flynn at 732.571.3411 or firstname.lastname@example.org for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor.
- If you include Monmouth in your plans, please use our legal name and federal tax ID.
Legal Name: Monmouth University
Address: 400 Cedar Avenue, West Long Branch, NJ 07764
Federal Tax ID Number: 21-0634584
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An Example of How It Works
Donna wanted to support the mission of Monmouth University. She decided to gift a beautiful painting that will be displayed on campus in the art gallery. Originally valued at $50,000, the painting is now worth $100,000. By giving it to us, Donna avoided paying $7,500 in capital gains tax ($50,000 x 15 percent) and received a $100,000 income tax charitable deduction, because the item was related to our mission and hence deductible for its fair market value.
Calculate Your Benefits
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The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.