UNIVERSITY OF MINNESOTA FOUNDATION

Gifts of personal property

Commonly accepted gifts of property

Real estate

Real estate can be an attractive asset for donors to use in making a gift to the University of Minnesota. Donors may wish to give residences, vacation homes, farms, or undeveloped land. In most instances, the University of Minnesota Foundation will sell the property and the proceeds will be used to support the college, campus, or program designated by the donor(s).

Tangible personal property

By giving tangible personal property to the University, donors may be able to claim a charitable income tax deduction for either the fair market value of the gift or the property’s cost basis (typically the price they paid for it). Gifts of tangible personal property require acceptance in advance by the college or department of the University that will benefit from the gift.

Gifts of commodities

The U of M Foundation is prepared to accept gifts of commodities at any time of the year. Gifts of commodities may provide significant tax savings, depending on the donor’s individual circumstances. For example, a donor may be able to avoid taxable income from the sale while still deducting the production costs if the commodity is given to the U of M Foundation before it’s sold. Avoiding taxable income on commodities may reduce self-employment and other taxes while also reducing adjusted gross income.

Disclaimer

Information on this website is not intended as legal or tax advice. For information on how any gift may affect your tax situation, please consult with your own professional advisor.