Did you realize that valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can be used to support our work? Your treasures can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our mission.
- Related use property—e.g., a unique piece of Corvair memorabilia—is deductible at the full fair market value. Any other property is deemed non-related use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
- If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
There are several ways to make a gift of personal property to us:
- An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction when you itemize.
- A gift in your will or living trust. You can leave a legacy at the Corvair Preservation Foundation by donating your treasures to us through your will or living trust. A benefit of donating property through your will is that it gives you flexibility to change your mind at any time.
- A bargain sale. You can sell us your property for less than the fair market value of the item. For example, if you sell us an antique for $25,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $25,000 plus the payment from us of $25,000.
- A memorial or tribute gift. If you have a friend or family member whose life has been a long-time Corvair enthusiast, consider making a gift to us in his or her name.
- A charitable gift annuity. You can sometimes use non-income producing property such as a valuable stamp and coin collections or works of art in exchange for life payments and a federal income tax charitable deduction. The amount of the charitable deduction depends, in part, on whether the donated items are retained by the charity and used for its tax-exempt purpose.