Tangible Personal Property
The Eastern Gateway Community College accepts gifts of personal property such as antiques, paintings, rare collections, automobiles, or other personal property. You may be entitled to a tax deduction for the fair market value of the item. Capital gains tax is avoided when you donate property that is used by Eastern Gateway Community College.
Making it Happen:
- You transfer personal property (paintings, cars, antiques) to EGCC Foundation.
- EGCC Foundation may hold the property or use it to further its mission.
- EGCC Foundation may elect to sell the property and use the proceeds for its programs.
- Donor receives gift credit and an immediate tax deduction for the appraised value of the gift.
- You pay no capital gains tax, provided that the gift fulfills “related use” requirements of the IRS. Contact EGCC Office of Advancement to verify gift parameters.
- You will have the satisfaction of making an important gift fot EGCC without disturbing your cash flow.