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Gifts of Personal Property
(Complete gift description)
The IRS gives donors who contribute appreciated property, like securities and real estate, two tax breaks: a charitable deduction for the full fair market value of the asset, and no capital gains tax on the transfer to Berkeley.
The same benefits also encourage gifts of personal property: artwork, collectibles, equipment and other items that help us advance our mission.
If you are considering such a gift, please talk with us first. We can determine if the items can be used by Berkeley – a requirement for you to claim a full deduction. Don't give us personal property with the instruction that the items be liquidated for cash, because the IRS will then limit your charitable deduction to your cost basis in the property.
We do reserve the right sell or otherwise dispose of property at a later date, if it can no longer be used or properly cared for by us.
Planning points
- You will need to secure an independent appraisal of the property to establish the amount of your deduction.
- Most gifts of personal property are made to Berkeley outright. In some cases, it may be possible for you to arrange for life income to be paid to you in return for the gift. Consult with your advisors and our office before proceeding with such a plan.
For more information
Email us, complete the personal gift proposal form, or call us at 510-642-6300 so that we can assist you through every step of the process.
