Tangible Personal Property
- You make a gift of artwork, antiques, collectibles, or other tangible property to Berkeley.
- We can either keep the property to further our mission or sell the property and use the proceeds to support campus programs.
- You receive an income tax charitable deduction for the fair-market value of the property — and avoid capital gains tax — if there is a “related use,” such as display of artwork in a university museum. If there is not a related use, your deduction will equal your cost basis in the property. The deduction can be used to offset up to 30% of your adjusted gross income in the year of gift if the property is for “related use,” or up to 50% if unrelated use. In either case any unused portion of the deduction can be carried forward for an additional five years.
- Depending on the type of personal property, you may be able to fund a life income gift.
For more in-depth information, please call one of our experts at 510-642-6300.