A Lifetime's Legacy

BENEFITS

• Receive a charitable income tax deduction based on the full fair market value of your personal property if it is accepted into UCLA's permanent collections or used in a way that relates to the university's educational and research mission. (Property must be owned for more than one year.)
• Benefit from an estate tax deduction (if your estate is subject to estate tax) when you donate your personal, collectible property to The UCLA Foundation through your will or living trust.
• If your personal property has appreciated in value since its purchase, you may avoid capital gains tax by donating it instead of selling it.
• Eliminate items from your estate that may be subject to tax and that may also be difficult and expensive to insure.

HOW IT WORKS

• If UCLA uses the property for a purpose related to the campus' educational mission, you may then take an income tax deduction for the full fair market value of the property at the time the gift is made.
• If the value of the donated property exceeds $5,000, you must seek a qualified appraisal (from an independent professional) in order to substantiate the charitable income tax deduction amount.
• If your personal property does not relate to the university's mission and you would like to donate it for UCLA to sell, your tax deduction is based on the item's cost basis (what you originally paid for it).
• You may also direct the use of sale proceeds to any department or program you wish.
• If the gift is made through your will or living trust, your estate could receive an estate tax deduction for the full fair market value of the property left to the university (if your estate is subject to estate tax). Please contact UCLA's Office of Gift Planning for assistance with appropriate language to include in your estate plan.
• Each gift of personal property is unique and the issues related to its use can be complex. If you are considering such a philanthropic gift, please contact UCLA's Office of Gift Planning for specific and personalized information.