Property Donations Make Great Gifts
Turn Your Treasures Into a Charitable Legacy
Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our mission.
Related use property-e.g., a piece of artwork donated to an art museum-is deductible at the full fair market value. Any other property is deemed nonrelated use property and 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.
Ways to Use Property as a Donation
An outright gift. This allows you to benefit our work today and gives you an immediate federal income tax charitable deduction.
A gift in your will or living trust. You can leave a legacy at Wayne State University by donating property to us through your will or living trust and receive a federal estate tax charitable deduction.
A bargain sale. You can sell us your property for less than the fair market value of the item. For example, if you sell us an antique for $25,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $25,000 plus the payment from us of $25,000.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by WSU, consider making a gift to us in his or her name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of WSU will last forever.
A charitable gift annuity. You can sometimes use non-income producing property such as valuable stamp and coin collections or works of art in exchange for life payments and a federal income tax charitable deduction. The amount of the charitable deduction depends, in part, on whether the donated items are retained by the charity and used for its tax-exempt purpose.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.
Donor Spotlight Elizabeth Buc
“Although I attended three separate universities, my support goes to Wayne State because of the impact it has had on my career, the relationships with faculty and others that were formed, and the important educational role it will continue to play for future students.”
Donor Spotlight Mildred Kaye
“I have greatly enjoyed meeting the students who receive scholarships from our fund. I recommend that everyone consider creating an endowed scholarship fund!”
Donor Spotlight Marie A. Tront
“Attending Wayne State was one of the most rewarding experiences of my life. I want to be sure that the intellectual stimulation of an urban university is there for future generations. By naming Wayne State in my trust, I can make a larger gift than I would be able to by check.”
Donor Spotlight Mel Janowitz
“I am a strong believer in charitable gift annuities as a pension supplement. I have two at Wayne. The interest rate is many times what I can get elsewhere, and it is only partially taxable. With a CGA to Wayne State, I can arrange for the money to be used to help needy students, support research endeavors, or help fill other needs.”
Donor Spotlight Austin & Daniel Kanter
“Wayne was there for me when I needed it. We wanted to give back. The marvelous letters from the scholarship recipients have brought great pleasure over the years. Harriet would have enjoyed them.”
- Contact Tina R. Daniels at (313) 577-8346 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 WSU in your plans, please use our legal name and federal tax ID.
Legal Name: Wayne State University
Address: 5475 Woodward Ave, Detroit, MI 48067
Federal Tax ID Number: 38-6028439