Personal property
If you own it, and it has a real value to you and others, you can put
that value to work for MIT.
Gifts of personal property are a creative way to earn a tax credit
while helping MIT. Donors can give equipment, artwork, rare books, or
any other kind of property that the Institute can use in its educational
mission.
Tax benefits: You may claim a deduction based on the fair market
value of the item at the time of the donation, as determined by your
qualified appraisal. In order for the value of appreciated tangible
personal property to be fully deductible, it must have been held by
you for at least one year, and it must be used by MIT in connection
with its educational mission.
We would be happy to consult with you about gifts of personal property.
Please contact us.
Case study: A gift of personal property to MIT
Carl O’Dell, an avid sailor, learned how to sail while a student
at MIT. Over the years, he has amassed a substantial collection of nautical
maps, some of which are extremely rare, dating to the 17th century.
An appraisal of the collection values it at $50,000.
O’Dell decides
to give his map collection to MIT to commemorate his first experiences
as a sailor. MIT will use the maps as part of its collections and archives.
With his gift of the map collection, O’Dell has—
- received an income tax charitable deduction for the full $50,000
appraised value of the maps;
- avoided estate taxes on the $50,000 value of the maps; and
- significantly enhanced MIT’s collections of rare materials.
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