Monday, October 26, 2020

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What Can I Give Personal Property

Personal Property

A gift of tangible personal property can include items such as real estate, artwork, jewelry, antiques and other physical objects. By donating your personal treasures to WPBS-TV, you can help build precious value in our community.

A gift of real property can include personal residences, vacation homes, rental property and farmland. You can deed the remainder interest of your residence to WPBS-TV, retain the right to remain in the home for life and receive a tax deduction.

Through a gift of real property, you can perhaps make a much larger gift than you otherwise thought possible, avoid income and estate taxes, and minimize or eliminate burdens placed on your loved ones. You can also enjoy a number of personal benefits by making an outright gift of property. One popular benefit is the charitable tax deduction. This deduction is maximized when you donate property that: (1) has increased in value since the time you acquired it, (2) you've owned the property for more than one year, and (3) the property's use is related to the purpose and work of the station (like delivering education programming to children). You will also be able to avoid capital gains tax when you give the station your appreciated property.

If it's more convenient, you can also give property later through your will or living trust.

Please consult with your professional advisor for advice on the full impact of your charitable giving on your financial and/or legal circumstances.

Gifts of personal property will be reviewed by the gift acceptance committee and approved by the respective board prior to acceptance.

Learning More

To learn more about giving real property, please contact Peggy Brouty-Benton at 315-782-3142 ext. 301 or pbrouty@wpbstv.org. We would be honored to work with you and your advisors as you consider your plans.