Personal property

A gift of artwork, coins, antiques or other personal property can be an excellent way to make a lasting impact across Ascension Wisconsin.

A gift of personal property may be right for you if:

You own artwork, antiques or a collection of value that you no longer want
You own other personal property that could be of use to Ascension Wisconsin
You want to save income taxes or capital gains taxes

How it works

After giving your personal property to Ascension Wisconsin Foundation, we put your property to a use related to achieving the Mission of Ascension, or we sell your property and use the proceeds.

More information

Gifts of artwork, coins or other collectibles

You can use artwork, coins and other collectibles to make a generous gift to the Foundation. Depending on the property you give us, we may either keep your property and use it for our charitable purposes or sell it and use the proceeds.

Gifts of other personal property

You may own equipment, supplies or other personal property that you no longer need and would be useful to us. Please discuss these items with us prior to your donation to determine which ones we will be able to put to productive use.

Relieve yourself of responsibility

Maintaining valuable collectibles, such as works of art or antiques, can be a big responsibility. By giving your collectible to the Foundation, you will no longer be responsible for keeping it secure, preventing its deterioration, or paying to insure it against damage or loss. If you are in this situation, consider making a gift of the item or items to us.

Tax benefits

Your gift of personal property will save you income taxes, provided you itemize, and capital gains taxes.

If we are able to use the item(s) you give us to advance our charitable purpose, you will be eligible for an immediate income tax charitable deduction equal to the full appraised value of your property. If we cannot put your property to a "related use," or you direct us to sell your property immediately for cash, your income tax charitable deduction will be limited to the amount you paid for your property.

Whether or not we are able to put your gift property to a related use, you will avoid all potential capital gains tax on your property. If you were to sell property that is considered a collectible, you would have to pay a special 28% tax on the difference between its current value and what you paid for it, rather than the 15% tax applied to sales of securities.

You may also save estate taxes, as once you give your collectible or other personal property to the Foundation the property will no longer be part of your estate.

Appraisal requirements

You will need a qualified independent appraisal of your property in order to establish the value of your gift. If you give personal property valued at $5,000 or more and you wish to take an income tax charitable deduction for your gift, you will need to include this appraisal with your federal income tax return.

Consult use before making your gift

It is important that you discuss with us the personal property you are considering for donation before you make your gift. We want to be sure that we can accept the property you have in mind.

Also, we will want to discuss with you what will happen to your property once we receive it. We want to be sure we will be able to carry out your wishes. This discussion will also help you anticipate the likely tax benefits of your gift.