Where Will Your Collectibles Go?

Gifts of Personal Property

At an earlier stage of life, you may have found great pleasure in collecting art, coins, stamps, tea cups, or any number of other things. Your collection, years in the making, is impressive and still provides you a sense of satisfaction. But perhaps the thrill of finding and adding items to your collection is waning and you are beginning to wonder what you should do with these treasured items.

You may be planning to pass your collection onto your child or grandchild. Or perhaps you are looking for other options. If so, have you considered giving your collectibles as a charitable gift to Saint Leo University?

Making a gift of “tangible personal property” can be almost as rewarding as the collection process itself. This is especially true if the items are retained by Saint Leo and used to further the university’s mission objectives. Imagine, for example, the satisfaction of a donor of artwork who knows that the paintings will be continually displayed in a prominent place to provide inspiration to staff, volunteers and visitors for years to come.

The IRS allows itemizers an income tax charitable deduction for gifts of collectibles. The amount, however, depends on several things, including whether or not Saint Leo is able to use the collection in furtherance of the university’s charitable mission. In some cases, the deduction amount will equal the fair market value of the collection; in others, the deduction will be limited to the cost basis of the collection.

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.