Tangible Personal Property: Getting StartedMany 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 Jackie Peterson at 507-933-7543 or firstname.lastname@example.org for more information on making a gift of tangible personal property to Gustavus Adolphus College.
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