Gifts of Personal Property
(Contributing Treasures of Value)
How it works
- You transfer a valuable painting, antiques, collectibles or other personal property to the American Red Cross.
- The Red Cross may elect to hold the property and display or use it in the furtherance of its mission. The Red Cross may elect to sell the property at some point in the future and use the proceeds for its programs.
Benefits
- You receive gift credit and an immediate income tax deduction for the appraised value of your gift and pay no capital gains tax, provided your gift satisfies the “related use” requirements of the IRS.
- In certain cases, you can use personal property to fund a life-income gift, such as a FLIP Unitrust, that benefits the Red Cross and provides you with income now.
- You can have the satisfaction of making a significant gift now to the Red Cross without adversely affecting your cash flow.
For more information, e-mail Elizabeth Ganocy at ganocye@redcross-cleveland.org or call 216.431.3216 so that we can assist you through every step of the process.
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