This is the right gift for you if you:

• Are considering an outright gift made during your lifetime or through your estate.
• Own tangible personal property that you no longer wish to display, use, or maintain.
• Have a reasonable belief that Oberlin will put your gift to a use related to its educational mission.
• Wish to save both income and capital gains tax.

This asset can be used to fund:

We are very receptive to outright gifts of tangible personal property such as art, instruments, books, and other items that advance our mission and beautify our surroundings. Over the years, paintings, sculpture, musical instruments, and historic books have all been given to the College, the Art Museum, the Conservatory, and the library and have helped to enrich the Oberlin experience.

• Charitable deduction information
• Substantiation requirements
• IRS Forms

Charitable deduction information:

A gift of tangible personal property that will be put to a use related to Oberlin’s charitable exempt purpose will qualify a donor to claim an income tax charitable deduction equal to the property’s fair market value on the date of the gift.

A gift of tangible personal property that cannot be put to a use related to Oberlin’s charitable exempt purpose entitles a donor to an income tax charitable deduction limited to the cost basis. Even if the purpose is related, but Oberlin plans to sell the item rather than use it, your deduction is limited to the property’s cost basis, and the contribution ceiling is 50% of adjusted gross income.

If you are considering a gift of tangible personal property during your lifetime, we will be able to guide you in determining whether the item in question advances our mission and therefore qualifies for the fair market value deduction.

Substantiation requirements:

The IRS has strict reporting requirements for noncash gifts. Basically, a donor must report gifts of noncash property exceeding $500 on Form 8283. If the property exceeds $5,000 ($10,000 for non-publicly traded securities) a qualified independent appraisal is also required, and an authorized representative of Oberlin College must sign the donee acknowledgement section of Form 8283. Additionally, Oberlin must file Form 8282 if it disposes of the property within two years.

The appraisal must be made by a qualified independent appraiser not earlier than 60 days before the date of the gift and not later than the due date of the return on which the deduction is claimed, including extensions. As the recipient of such gifts, Oberlin and its representatives cannot make such appraisals for this purpose. Fees paid for an appraisal are paid by the donor. Such fees to determine the amount of a charitable contribution of property are deductible as a miscellaneous itemized deduction. Miscellaneous itemized deductions are allowed only to the extent that they, in the aggregate, exceed 2% of adjusted gross income.

Forms:

Form 8283 can be obtained through the IRS web site: http://www.irs.gov/pub/irs-pdf/f8283.pdf
The instructions for Form 8283 can also be obtained by following this web link: http://www.irs.gov/pub/irs-pdf/i8283.pdf

Taking the next step:

To learn more about making a gift of artwork, instruments, or collectibles, please contact the Gift Planning staff at gift.planning@oberlin.edu or 440-775-8599. We also encourage you to fill out the request for more information form to help us assist you.