Gifts of Personal Property

You may donate tangible personal property to NYU Langone Medical Center outright, through your estate, or indirectly through a life-income arrangement which enables you to make your gift and retain the right to lifetime income from it. A gift of appreciated property is often a desirable alternative to selling the asset yourself and paying tax on the gain. In effect, the capital gains tax savings allows you to make a generous gift at a lower "cost" than if you gave cash.

Tangible personal property includes such items as jewelry, artwork, antiques, or valuable collections (stamps, coins).

Long-term and Short-term Property

Tangible personal property held for a year or less is considered short-term property. The donor may be entitled to a charitable deduction equal to the cost basis of the property. If the property was held by the donor for more than a year, the donor may be entitled to deduct the fair market value of the property (subject to appraisal rules).

Charitable Deductions:

Your gift of property to NYU Langone Medical Center may be deductible on your income tax return. The amount of your deduction varies depending on the kind of property you contribute. A direct gift to NYU Langone Medical Center is often deductible at the asset's full fair market value, depending on the type of asset given. There are significant exceptions for gifts of tangible personal property, depending on whether our organization is able to use these assets.

If you name NYU Langone Medical Center as the beneficiary of personal property in your will, your estate is entitled to a charitable deduction for the fair market value of the property.

Receive Income for Life:

Tangible personal property, such as artwork, may also be used to fund a Charitable Remainder Trust. The trust would sell the property and use the proceeds to provide you and/or a loved one with income for life. Generally, income is not paid until the trust sells the property.  Indirect gifts through life income plans are also often partially deductible, but additional exceptions apply under the tax laws.

If you are considering a gift of personal property, you should contact your financial and legal advisors.  We also suggest that you contact us to help determine whether the property has a related use for NYU Langone Medical Center.

For more information, please contact the planned giving staff at 212-404-3653 or 800-422-4483, or by email at: plannedgiving@nyumc.org.