Gifts of Personal Property

You may give tangible personal property to NYU Langone Medical Center outright, through your estate, or indirectly through a life-income arrangement which enables you to make your gift and retain the right to lifetime income from it. A gift of appreciated property is often a desirable alternative to selling the asset yourself and paying tax on the gain. In effect, the capital gains tax savings allows you to make a generous gift at a lower "cost" than if you gave cash.

Tangible personal property includes such items as jewelry, artwork, antiques, or valuable collections (stamps, coins).

• Long-term and Short-term Property

Tangible personal property held for a year or less is considered short-term property. The donor is only entitled to a charitable deduction equal to the cost basis of the property. If the property was held by the donor for more than a year, the donor may deduct the fair market value of the property (subject to appraisal rules).

• Charitable Deductions:

Your property gifts to NYU Langone Medical Center are deductible on your income tax return. The amount of your deduction varies depending on the kind of property you contribute. A direct gift to NYU Langone Medical Center is often deductible at the asset's full fair market value, depending on the type of asset given. There are significant exceptions for gifts of tangible personal property, depending on whether our organization is able to use these assets.

If you name NYU Langone Medical Center as the beneficiary of personal property in your will, your estate is entitled to a charitable deduction for the fair market value of the property.

• Receive Income for Life:

Tangible personal property, such as artwork, may also be contributed to a Charitable Remainder Trust. The trust then sells the property and uses the proceeds to provide you and/or a loved one with income for life. Generally, income is not paid until the trust sells the property and the trust is funded with the proceeds. Indirect gifts through life income plans are also often partially deductible, but additional exceptions apply under the tax laws.

If you are considering a gift of personal property, you should contact your financial and legal advisors. It may also be important for you to contact us to discuss whether the property has a related use for NYU Langone Medical Center.

For more information, please call the Office of Gift Planning at 212-404-3653, or 1-800-422-4483, or e-mail to: plannedgiving@med.nyu.edu.