Gifts of Personal Property
What Is a Gift of Personal Property?
You may be able to give personal property—artwork, collectibles, or antiques—to Columbia.
In order for you to claim a full income tax deduction:
- Your gift of personal property must meet the "related use" requirements of the IRS.
- For gifts whose value exceeds $5,000, you must secure a qualified appraisal to establish the property's current fair market value.
- Gifts of property must have been held for one year in order to receive a full fair market value tax deduction.
In some cases, gifts of personal property can be used advantageously to fund life-income arrangements such as FLIP Unitrusts, or deferred payment gift annuities.
All gifts of personal property are subject to review and approval by Columbia's Office of Gift Planning.
N.B.: Consult legal and tax advisors before making any decisions based on this information.
For More Information
E-mail
us, complete the Personal Illustration
form, or call us at 800-338-3294.
- You receive gift credit and an immediate income tax deduction for the appraised value of your gift and pay no capital gains tax, as long as your gift satisfies the "related use" requirements of the IRS.
- In some cases, you can use personal property to fund a life-income gift, such as a FLIP Unitrust, that provides you with income and benefits Columbia.
- You make a significant gift to Columbia without affecting your cash flow.
Office of Gift Planning
gift.planning@columbia.edu
475 Riverside Drive
New York, NY 10015
(800) 338-3294
