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Gifts of Personal Property
(Complete gift description)

The I.R.S. gives donors who contribute long-term appreciated property, like securities and real estate, two tax breaks: a charitable deduction for the full fair market value of the asset, and no capital gains tax on the transfer to PENN Medicine.

The same benefits also encourage gifts of personal property: artwork, collectibles, equipment, and other items that help PENN Medicine advance its mission.

If you are considering such a gift, please talk with us first. We can determine if the items can be used by PENN Medicine – a requirement for you to claim a full deduction. Don't give us personal property with the instruction that the items be liquidated for cash, because the I.R.S. will then limit your charitable deduction to your cost basis in the property.

We do reserve the right sell or otherwise dispose of property at a later date, if it can no longer be used or properly cared for by PENN Medicine.

Planning points

• You will need to secure an independent appraisal of the property to establish the amount of your deduction.
• Most gifts of personal property are made to PENN Medicine outright. In some cases, it may be possible for you to arrange for life income to be paid to you in return for the gift. Consult with your advisors and our office before proceeding with such a plan.

For more information

Email us, complete the personal illustration form, or call us at 215-898-9486 so that we can assist you through every step of the process.