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The Gift of Tangible Personal Property
Many items of tangible personal property make suitable charitable gifts.
The available tax deduction depends on whether or not the organization
will use the property in a way that is related to its tax-exempt purpose.
Related use property is deductible at the full fair market
value. Example: a piece of artwork is donated to an art museum (other than for
sale by the museum). The deduction for non-related use personal property is
limited to the lesser of fair market value or the donor's tax basis in the
property.
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Please call John Fenno at 850-385-9007 x1006, or e-mail us at
john@lsnf.org,
for more information. |
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