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Tangible Personal Property: Getting Started Many items of tangible personal property make suitable charitable gifts. The available tax deduction depends on whether or not the organization that receives the property will use it in a way that is related to its tax-exempt purpose. Related use property is deductible at the full fair market value. Example: a piece of artwork is donated to an art museum (other than for sale by the museum). The deduction for nonrelated use personal property is limited to the lesser of fair market value or the donor's tax basis in the property. Please contact Vickery Fales Hall at 307-587-6342 or vickery@wycf.org for more information on making a gift of tangible personal property to the Wyoming Community Foundation.
Copyright © The Stelter Company, All rights reserved. The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
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