Give valuable assets that you no longer want to insure or maintain. You may get a deduction for your generosity.
A gift of personal property is for you if…
The IRS gives donors who contribute appreciated property, like securities and real estate, two tax breaks: a charitable deduction for the full fair market value of the asset, and no capital gains tax on the transfer to William & Mary.
The same benefits also encourage gifts of personal property: artwork, antiques, equipment and other items that help us advance our mission.
If you are considering such a gift, please talk with us first. We can determine if the items can be used by us – a requirement for you to claim a full deduction. It is not recommended that you donate personal property with the idea that the items can be liquidated for cash, because the IRS will then limit your charitable deduction to your cost basis in the property.
We do reserve the right sell the property at a later date if it can no longer be used or properly cared for by William & Mary.