Tangible Personal Property
Did you realize that valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can be used to support Northwestern? Your treasures may make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether the University can use the property.
Related use property—a piece of artwork donated to the Mary and Leigh Block Museum of Art at Northwestern University, for example—is deductible at the full fair market value. If property is deemed nonrelated use property (meaning the property would not relate to the educational and research uses of Northwestern), the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
There are several ways to make a gift of personal property to Northwestern:
An outright gift. This allows you to support Northwestern today and gives you an immediate federal income tax charitable deduction. If you have a friend or family member whose life has been touched by Northwestern, consider making a memorial or tribute gift to the University in his or her name.
A gift in your will or living trust. You can leave a legacy at Northwestern by giving your treasures to the University through your will or living trust. A benefit of giving property through your will is that your estate will receive a federal estate tax charitable deduction.
A gift that has benefits now and in the future. You can give property that Northwestern can sell and generate funds to accomplish your goals for present and future benefits. This could include:
- Creating an endowment or contributing to one that is already established to ensure that your support of Northwestern will last forever.
- Establishing a life income vehicle today entitles you to an immediate tax deduction, to receive payments for life, and to provide future support to Northwestern. An example of this type of gift is a charitable remainder unitrust.
- Creating or adding to a donor-advised fund, which would allow you to direct donations to Northwestern and other charities.
- Contact Northwestern Gift Planning at 800-826-6709 or email@example.com for additional information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor.
- If you include Northwestern in your plans, please use Northwestern's legal name and federal tax ID number.
Legal Name: Northwestern University
Address: 633 Clark Street, Evanston, Illinois 60208
Federal Tax ID Number: 36-2167817
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
This is not legal advice. Any prospective donor should seek the advice of a qualified estate and/or tax professional to determine the consequences of his or her gift.
Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association.