Gift of Tangible or Intangible Property

Ways to GiveMake a Gift of Tangible or Intangible Property

Tangible personal property is commonly thought of as an asset that can be touched and moved. Examples of tangible personal property include artwork, jewelry, collections, automobiles, furniture, rare coins and stamps, boats, books, antiques, etc.  Intangible personal property are assets that have no inherent physical characteristics such as copyrights, royalties or patents.
 

 

How it works

A gift of tangible or intangible personal property can be an appropriate gift to Big Brothers Big Sisters of Central Mass/Metrowest.  In addition, such a gift can generate a charitable tax deduction. However, a gift of tangible personal property is subject to certain Internal Revenue Service rules regarding the charitable deduction.  Specifically, the IRS has ruled that donated tangible personal property must be put to a use 'related' to the purpose or mission of the organization.  A related purpose, or use, of a personal property gift must exist in order that the full fair market value of the asset be a charitable deduction. Otherwise, the charitable deduction is limited to the cost basis of the asset.


Valuation for Charitable Deduction


If a donor claims a charitable deduction of more than $500 for the contribution of tangible or intangible  personal property, then Part I of IRS Form 8283 must be completed.

If a donor claims a charitable deduction of more than $5,000 for the contribution of tangible or intangible personal property, then the donor is required to have a qualified appraisal dated within 60 days of the donation and reported in Part B of the IRS Form 8283. The donor, according to IRS guidelines, must pay the appraisal fee.

 

Please contact Harold Pinkham, Director of Advancement, at 508-752-7868 ext: 12 for more information on making a gift of tangible or intangible personal property.