Personal property such as works of art, antiques, stamps, coins, and jewelry may be subject to estate taxes. Should you wish to donate this type of property to New York Medical College during your lifetime, you may be able to reduce your tax liability.
If your gift of tangible personal property is directly related to the College’s mission, you may take an income tax deduction for the full fair market value of the property as determined by an independent qualified appraisal. If the gift is for an unrelated use, your deduction is based on the cost basis of the property. Quite often, you can use tangible personal property with an unrelated use to fund a College-managed life income arrangement, turning a non-income producing asset into an income-producing asset.
For more information, please contact the Office of Development & Alumni Relations at firstname.lastname@example.org or call (914) 594-4550.
Note: This page is intended to provide you with general information, not legal or tax advice about specific situations or problems. We strongly encourage you to consult a lawyer or accountant on all legal or tax matters.