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 gives you an immediate federal income tax charitable deduction.
You can leave a legacy at Guide Dogs of the Desert by donating your treasures to us through your will or living trust. A benefit of donating property through your will is that your estate will 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.
If you have a friend or family member whose life has been touched by Guide Dogs of the Desert, consider making a gift to us in his or her name.
Create an endowment or contribute to one that is already established to ensure that your support of Guide Dogs of the Desert will last forever.
You can sometimes use non-income producing property such as a 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 donated items are retained by the charity and used for its tax-exempt purpose.
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.
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.
- Contact Sarah G. Clapp at 760-329-6257 or email@example.com for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor.
- If you include Guide Dogs of the Desert in your plans, please use our legal name and federal tax ID.
Legal Name: Guide Dogs of the Desert
Address: 60735 Dillon Road, Whitewater, CA 92282
Federal Tax ID Number: 23-7296531
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.