Tangible Personal Property: Artwork, Collectibles, and Other Items
Everyone has tangible personal property of some value: works of art, antiques, jewelry, rare books, or other collections (such as coins or cars, for example). To give such items to Clarkson University, you must have held them for more than a year. There are two types of tangible personal property—items related to Clarkson University's purpose and items not related.
If you make a gift of a related-use item, you receive a charitable income-tax deduction of the appraised value of the gift on the date of the gift (up to 30 percent of your adjusted gross income with the five-year carry-over provision). A gift of an unrelated item only allows you a deduction of the item's cost basis.