Gifts of Personal Property: FAQs

The key question to determine is whether or not your donation has a legitimate use related to the charitable mission of our organization. If your gift is related to our charitable work then your income tax deduction is based on the fair market value of the property. For gifts of property with a value of $5,000 or more, an independent qualified appraisal of the property is required by the IRS.

If your gift of personal property has no relation to our charitable work, then your tax deduction is limited to your cost basis in the property. We suggest that you acquire IRS publications 526 and 561 to review all the comprehensive information available for gifts of personal property.