Gifts of Personal Property

Gifts of Personal Property

Summary

Gifts of artwork, antiques, collectibles or other personal property are generally accepted and may be displayed or sold to further the mission of the college.  Such gifts must be appraised by an outside expert, unless an item has an apparent value of less than $5,000

Benefits

  1. May receive a charitable deduction for the appraised value at the time of the gift.
  2. The gift’s value is removed from your estate, lowering your estate taxes.
  3. Make a significant gift to the college without adversely affecting your cash flow.
  4. Make a larger donation than if you sold the gift, paid capital gains tax on the sale, and contributed cash.

Gifts of Personal Property

 

For more information

Office of Development & College Relations
The University of Virginia's College at Wise
Bowers-Sturgill Hall
One College Avenue
Wise, VA 24293
Phone:  (276)328-0129
Fax: (276)376-1024

Download a Planned Gift Document.

Click for Making a Planned Gift Homepage.

UVa-Wise does not provide legal, tax or financial advice. We strongly recommend that you consult professional advisors on all legal, tax or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.