Outright Gifts

Gifts of Tangible Personal Property

      A gift of tangible personal property--such as furniture, art works, jewelry, antiques, books, coin or stamp collections, and so on--is deductible for its full fair market value (up to 30% of your adjusted gross income) if it meets two conditions:

                                           1) it must be documented by a legitimate appraisal, and
                                           2)  it must satisfy the "related use" standard.

        "Related use" means that the Church must be able to use the gift in a way that is related to or furthers its educational mission.  For example, books donated to a parish school library will meet the standard, as will classroom or office furniture, or computers, or business machines.  A painting will meet the standard if it is displayed for viewing, but will not if the Church sells it.  Property that does not satisfy the "related use" standard may still be deducted, but only for your cost basis in the property, subject to a limit of 50% of your adjusted gross income.  The five-year carryover rule for the deduction applies in both cases. Please note, however, that in order to protect its tax-exempt status, the Church must severely limit the non-related-use gifts that it accepts.

        A gift of tangible personal property is considered to be made on the date
when ownership or legal title is transferred.  To make the formal transfer, you may write up a simple "letter of intent to donate" that identifies the property and includes a signed statement of your intent to transfer it to the Archdiocese of Portland.

Advantages:
* Opportunity to make a unique and substantial gift to the Church
* Charitable income tax deduction
* The Church can make immediate use of your gift
* Avoid capital gains tax
* Estate tax and probate savings