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Tangible Personal Property

Tangible Personal Property

You make a gift of artwork, antiques, collectibles, or other tangible property to Berkeley.
We can either keep the property to further our mission or sell the property and use the proceeds to support campus programs.

Income Tax Deduction

You receive an income tax charitable deduction for the fair-market value of the property — and avoid capital gains tax — if there is a “related use,” such as display of artwork in a university museum. If there is not a related use, your deduction will equal your cost basis in the property. The deduction can be used to offset up to 30% of your adjusted gross income in the year of gift if the property is for “related use,” or up to 50% if unrelated use. In either case any unused portion of the deduction can be carried forward for an additional five years.
Depending on the type of personal property, you may be able to fund a life income gift.

For more in-depth information, please call one of our experts at 510-642-6300.