Outright Gift or Bargain Sale
Turn Your Treasures Into a Charitable Legacy
Your treasures such as valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property 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 piece of artwork donated to an art museum, such as the UB Anderson Gallery—is deductible at the full fair market value. Any other property is deemed nonrelated 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.
Ways to Use Property as a Donation
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 University at Buffalo Foundation by donating property to us through your will or living trust.
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 touched by the University at Buffalo Foundation, consider making a gift to us in his or her name.
An endowed gift. Designate your gift to fund an endowment or contribute to one that is already established to ensure that your support of the University at Buffalo Foundation will last forever.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.
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For a free personalized illustration of how you can benefit from a charitable gift, contact Wendy Irving, Esq. at email@example.com or (877) 825-3422.
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- Contact Wendy Irving, Esq. at (877) 825-3422 or firstname.lastname@example.org for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal adviser.
- If you include the University at Buffalo Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: University at Buffalo Foundation, Inc.
Address: 503 Capen Hall, Buffalo, NY 14260
Federal Tax ID Number: 16-0865182