Gifts of Tangible Personal Property
Tangible personal property is any property, other than cash, securities, or real estate, that can be seen or touched. This includes furniture, books, jewelry, paintings, and cars. By making such a gift to Millikin, you can receive a charitable income-tax deduction for the full fair-market value of the property so long as the gift's use is related to Millikin's tax-exempt purposes. If the use of the property is unrelated to our tax-exempt purposes, or if it's understood that we will be selling the property, then the tax deduction is limited to your cost basis. You can avoid incurring capital gains tax on long-term appreciated related-use property by gifting it to Millikin. Gifts of personal property are also a great way to provide significant support for Millikin without affecting your income stream.
Please note, a donor who contributes a work of art that the donor created is limited to a charitable tax deduction for the cost of materials only.
If you are considering making a gift of tangible personal property to Millikin, please call us first to discuss the type of property you wish to donate, possible uses of your gift by Millikin, and the process of obtaining a qualified appraisal.