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Donation or Gift to Charity of Personal Property

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The document is a legal agreement in which a donor transfers ownership of specified personal property to a donee as a charitable gift. It states that the property is accepted in its current condition without any warranties from the donor, and includes a section for noting the fair market value of the donated property.

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What are the IRS rules for property donations?

An asset held for more than one year is considered a long-term capital asset. The gift of a long-term capital asset qualifies for a charitable tax deduction at fair market value. However, the deduction for a gift of a long-term capital asset is limited to 30% of a donors adjusted gross income (AGI).

What are the rules for taking a deduction for property donated to a charity?

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.

How much can I donate without getting audited?

For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property other than cash contributed.

Can you donate inherited property?

If youre charitably inclined, donating the inherited property to a qualified charitable organization can eliminate capital gains taxes while generating a significant income tax deduction. You can deduct the propertys fair market value at the time of donation, potentially offsetting your other income tax obligations.

What is a gift of tangible personal property?

A gift of tangible personal property can include items such as artwork, jewelry, antiques and other physical objects.

What should you not donate to charity?

Do not donate anything that is broken, clothes that are worn to the point that you would not wear them yourself, missing pieces, , contaminated, prescription medications or medical supplies, live animals, or your children.

How do I give my property to charity?

Giving an outright gift of real estate involves transferring the deed or title directly to a charity. It quickly relieves the donor of ownership and gives the organization immediate use of the property or the ability to sell it if they choose to.

How do I account for donated property?

Like any transaction, recording a donated asset requires making two entries. For a generalized donated asset transaction, use the following entries: Debit an asset account (cash, inventory, buildings, land, etc.) Credit contribution revenue (for a for-profit company) or contributions (for a nonprofit company).

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