What is a gift of personal property?
A gift of most noncash assets such as artwork, antiques, collectibles, collections (such as stamps, coins, or memorabilia), cars, boats, or other items can serve as impactful charitable gifts today or after your lifetime. A gift of any of these assets can provide you with benefits such as added income and tax savings, rid you of property that is expensive to insure or maintain, and will help to transform tomorrow at CSUSB.
Here's the process:Making a gift of personal property is simple. You transfer a painting, antiques, collectibles, or any other property you don?t want or need anymore to CSUSB. The university may hold the property and display or utilize it in some manner, or sell the property and use the proceeds to advance the mission of CSUSB.
Most gifts of personal property are made outright. This allows you to transform tomorrow at CSUSB today. You may also receive a federal income tax charitable deduction when you itemize. There are other methods for gifting personal property, such as leaving property in your will or trust, or creating a bargain sale, charitable gift annuity, charitable remainder trust, or donor advised fund.
Benefits of a gift of personal property
Benefits of a gift of personal property include:
- You receive an immediate income tax deduction for the appraised value of your gift and pay no capital gains tax, as long as the gift can be used by CSUSB.
- In certain cases, you can use personal property to fund a life-income gift that provides you and/or other loved ones with income now and benefits CSUSB in the future.
- You can make a gift that is immediately beneficial to CSUSB, while saving your cashflow for something else.
Contact us
If you have any questions about making a gift of personal property, please contact us. We would be happy to answer any questions that you have.
