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 the Binghamton University Foundation.

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 the Binghamton University Foundation – 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 to 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.
• Gifts of personal property are made to the Binghamton University Foundation outright. Consult with your advisors and our office before proceeding with gifts of personal property.

For more information

Email us, complete the personal illustration form, or call us at 607-777-4712 so that we can assist you through every step of the process.