Tangible Property

Gifts of tangible property may provide larger capital gains tax savings than other long-term appreciated property (if it is something we can use for our charitable exempt purposes).

Tangible personal property includes items such as:

  • Artwork
  • Antiques
  • Jewelry
  • Rare book collections
  • Collectibles
  • Cars

A gift of tangible personal property works like this:

  • First, talk to us about your proposed gift to determine if it is something we can accept and, if so, if it will be used for our charitable exempt purpose.
  • You will need a qualified appraisal for your gift item(s).
  • You make an outright gift of your tangible personal property to Intermountain Foundation.
  • Your gift qualifies for an immediate income tax charitable deduction for the full fair market value (if we can use it for our charitable purposes).
  • Gifts of items not related to our charitable purposes, including artwork, will be sold and the proceeds used to advance our mission. In this case, you can only claim the cost basis of the assets.
  • Assuming the property has appreciated in value, you can benefit by owing no capital gains tax on the donated property (collectibles are taxed up to 28%, versus appreciated real estate or securities, which are only taxed up to 20%).
  • Intermountain Foundation will either keep the property for our own use or sell it and use the proceeds to further our mission.
Happy Nurse Working At The Hospital

Another way to give tangible personal property

A gift in your will or living trust. You could also choose to keep your property during your lifetime and donate it to us at death through a gift in your will or living trust. Read more about these gifts

Evaluate the fit.

A gift of tangible personal property may be a particularly good option to consider if you want to:

  • Minimize or eliminate the capital gains tax due on appreciated collectibles (please note: capital gains benefits are only for mission-related items)
  • Qualify for an immediate income tax deduction
  • Make an extended impact on Intermountain Foundation with a gift that we can use or sell
Portrait Of Female Doctor

See how it works.

Kyle calls us to discuss donating a rare collection of books. If we can use the book collection for our tax-exempt purpose, Kyle’s gift will qualify for a deduction for the full fair market value of the collection. If not, he can deduct only his cost basis in the collection. Kyle obtains a qualified appraisal on the collection and makes the gift, not only benefiting from the deduction but also bypassing any capital gains tax he would have owed if he had sold the collection.

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Consider your timing.

It may take some time for us to determine if and how we can use the donated property and for you to obtain a qualified appraisal. If you want the deduction this year, it is best to start the process in November.

We can help.

We are happy to discuss any items you may wish to donate. We can help you determine how they will be used, what your benefit will be, and how long it may take to complete the gift process.

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Colin Ware Cfre Mba

Contact Us

Colin Ware, CFRE  MBA
Foundation Gift Planning Officer
Intermountain Foundation

C: 303-257-2082