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Gifts of Tangible Personal Property
Gifts of tangible personal property, like furniture, art work, jewelry, etc., allow donors to support FCC with unique gifts that will further the mission of the College. Gifts of tangible personal property that (1) are legitimately appraised and (2) satisfy the “related use” standard will also qualify for a tax deduction
Please call 407.569.1164 if you have further questions about making a gift of tangible personal property to Florida Christian College .
A gift of tangible personal property — such as furniture, art works, jewelry, antiques, books, coin or stamp collections, and so on — is deductible for its full fair market value (up to 30% of your adjusted gross income) if it meets two conditions: 1) it must be documented by a legitimate appraisal, and 2) it must satisfy the “related use” standard.
“Related use” means that the College must be able to use the gift in a way that is related to or furthers its educational mission. Some examples:
Property that does not satisfy the “related use” standard may still be deducted, but only for your cost basis in the property, subject to a limit of 50% of your adjusted gross income. The five-year carryover rule for the deduction applies in both cases. Please note, however, that in order to protect its tax-exempt status, the College must severely limit the non-related-use gifts that it accepts.
A gift of tangible personal property is considered to be made on the date when ownership or legal title is transferred . To make the formal transfer, you may write up a simple “letter of intent to donate” that identifies the property and includes a signed statement of your intent to transfer it to Florida Christian College .
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