Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether the George Washington University can use the property in a way that is related to our mission.
Related use property — e.g., a piece of artwork donated to an art museum — is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
Ways to Use Property as a Donation
An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction if you itemize.
A gift in your will or living trust. You can leave a legacy at the George Washington University by donating property to GW through your will or living trust.
A bargain sale. You can sell us your property for less than the fair market value of the item. For example, if you sell us an antique for $30,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $20,000 plus the payment from GW of $30,000.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by GW, consider making a gift in their name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of GW will last forever.
A charitable gift annuity. You can sometimes use non-income producing property such as valuable stamp and coin collections or works of art in exchange for life payments and a federal income tax charitable deduction. The amount of the charitable deduction depends, in part, on whether the donated items are retained by the charity and used for its tax-exempt purpose.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp, and coin collections, art, cars, and boats may be able to be gifted and sold to benefit your fund.
- Contact Adam Lewis at 202-994-7657 or firstname.lastname@example.org for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor.
- If you include GW in your plans, please use our legal name and federal tax ID.
Legal name: the George Washington University
Address: 1922 F Street NW, Washington, DC 20052
Federal tax ID number: 53-0196584