Tangible Personal Property
Did you realize that valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can be used to support our work? Your treasures can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we 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.
There are several ways to make a gift of personal property to us:
An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction when you itemize.
A gift in your will or living trust. You can leave a legacy at the School of Medicine or Stanford Health Care by donating your treasures to us through your will or living trust. A benefit of donating property through your will is that it gives you flexibility to change your mind at any time.
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 $25,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $25,000 plus the payment from us of $25,000.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by the School of Medicine or Stanford Health Care, consider making a gift to us in his or her name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of the School of Medicine or Stanford Health Care will last forever.
A charitable gift annuity. You can sometimes use non-income producing property such as a 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, works of art, cars and boats may be able to be gifted and sold to benefit your fund.
- Contact Carol Kersten or Blake Grossman at 650.723.6560 or firstname.lastname@example.org for additional information on gifts of tangible personal property or to chat more about the different options for including the School of Medicine or Stanford Health Care in your will or estate plan.
- Seek the advice of your financial or legal advisor.
- If you include the School of Medicine or Stanford Health Care in your plans, please use our legal name and Federal Tax ID.
Gifts to Stanford University School of Medicine:
Legal Name: The Board of Trustees of the Leland Stanford Junior University
Federal Tax ID Number: 94-1156365
Gifts to Stanford Health Care:
Legal Name: Stanford Health Care
Federal Tax ID Number: 94-6174066
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. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.