Designate and Donate—Gifts of Artwork and Personal Property

Easy assets you can donate that will not affect cash flow, with little or no legal expense.

How It Works

  • You transfer a work of art or other personal property to Seton Hall University.
  • Seton Hall University may hold and display the work or use it in the furtherance of its mission.
  • Seton Hall University may sell the property at some point in the future and use the proceeds towards its mission.

Benefits

  • You receive an immediate income tax deduction for the appraised value of your gift and pay no capital gains tax, so long as the gift can be used by Seton Hall University to carry out its mission.
  • Without using cash, you can make a gift that is immediately beneficial to Seton Hall University.

Is this gift right for you?

A gift of personal property is for you if:

  • You hold artwork or other personal property that you no longer wish to maintain.
  • You hold equipment or other items that would be useful to our mission.
  • You want to avoid capital gains tax on the transfer of these assets.

The IRS gives donors who contribute appreciated property, like securities and real estate, two tax breaks: a charitable deduction for the full fair market value of the asset, and no capital gains tax on the transfer to Seton Hall University.

The same benefits also encourage gifts of personal property: artwork, antiques, equipment, and other items that help us advance our mission.

If you are considering such a gift, please talk with us first. We can determine if the items can be used by us—a requirement for you to claim a full deduction. If you donate personal property that is liquidated for cash, the IRS will limit your charitable deduction to your cost basis in the property.

We do reserve the right to sell the property at a later date if it can no longer be used or properly cared for by Seton Hall University.

Planning points

  • You will need to secure an independent appraisal of the property to establish the amount of your deduction. This independent appraisal must be completed within 30 days of the gift.
  • Most gifts of personal property are made to Seton Hall University outright. In some cases, it may be possible for you to arrange another type of a giving option such as a life income gift. Consult with your advisors and our office before proceeding with such a plan.