TANGIBLE PERSONAL PROPERTY
Gifts of tangible personal property include property such as art, antiques, collectibles, jewelry, rare books, stamp and coin collections, etc. When gifted to a public charity, such items are deductible at full fair market value as determined by a qualified appraisal if the use of the contributed property is related to the tax-exempt purposes of the charity. For example, a gift of a painting to a museum, or a gift of a rare book to a library would be deductible at its full market value.

Alternatively, if the use of the contributed property is unrelated to the tax-exempt purposes of the charity--for example, giving the Foundation a stamp collection to sell--then the donor is entitled to a charitable deduction for his or her cost basis in the property.

When selecting this form of gift, it is the responsibility of the donor to provide an independent appraisal of the gift for tax purposes.