Gifts of Personal Property
When planning your estate, remember that valuable collections, works of art, and
other forms of tangible personal property may be subject to estate taxes.
Donating such items during your lifetime rather than at death reduces your
taxable estate and also reduces your taxable income in the year of the gift.
For a gift of tangible property, you are entitled to an income tax charitable deduction amounting to the property's full, fair-market value, provided the use of the object is directly related to Inova Health System Foundation's tax-exempt functions. If the property cannot be used directly by Inova Health System, your tax deduction is the lesser of the property's original cost of the fair market value.
For more information about gifts of personal property, call us at 703-289-2097 or e-mail us at foundation@inova.org.
