Tangible Personal Property
How It Works
- Please call us to discuss the type of tangible property, possible uses of your gift by Knox, and getting an appraisal
- You receive a charitable income-tax deduction for the full fair-market value of the property if the gift's use is related to Knox's exempt purposes
- If the use is unrelated to our exempt purposes or if it's understood that we will be selling the property, then the deduction is limited to your cost basis
- You receive a federal income-tax deduction for the fair-market value if the gift's use is related to Knox's charitable purposes
- You avoid capital-gain tax on long-term related-use property (capital-gain tax on tangible personal property is 28%)
- You provide significant support for Knox without affecting your income
Special note: You should call or e-mail us to tell us of your intent with regards to the property, and we will be able to assist you with the details of the transfer.
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