Gifts of Property

Tangible personal property includes artworks, jewelry, antiques and other physical objects. A gift of tangible personal property must be considered long-term appreciated property to receive full tax benefits. Your income tax deduction will be dependent on the appraised value (as determined by a qualified appraiser), whether the donated item can be linked to Washington and Lee's mission and the length of time the University keeps the property. If the gift cannot be linked to the University's mission, your charitable deduction is restricted to the item's cost basis. Gifts of tangible personal property must be evaluated on an individual basis.