Tangible Personal Property

How It Works

1. Please call us to discuss the type of tangible property, possible uses of your gift by Newark Academy, and getting an appraisal
2. You receive a charitable income-tax deduction for the full fair-market value of the property if the gift's use is related to Newark Academy's exempt purposes
3. If the use is unrelated to our exempt purposes or if it's understood that we will be selling the property, then the deduction is limited to your cost basis

Benefits

• You receive a federal income-tax deduction for the fair-market value if the gift's use is related to Newark Academy's charitable purposes
• You avoid capital-gain tax on long-term related-use property (Note: The top capital-gain tax rate on such assets is 28%.)
• You provide significant support for Newark Academy without affecting your income

Special note: You should call or e-mail us to tell us of your intent with regards to the property, and we will be able to assist you with the details of the transfer.

More Information