Gifts of Tangible Personal Property (Gifts-in-Kind)

Art objects, antiques and prized collections are tangible personal property subject to special IRS rules. If the contributed gift's use can be established as related to the function of the OPRS community, you may deduct its full fair-market value; if not, you may deduct only the cost basis of the gift. This type of gift is deductible up to 30 percent of your adjusted gross income if it meets the related-use test. If not, the 50 percent limit applies with the five-year carryover allowed for any excess deduction.

For more information, contact us by e-mail at oprsfco@corp.oprs.org or call 1-800-686-7800.