Gifts of Tangible Personal Property Tangible personal property is commonly thought of as an asset that can be touched and moved. Examples of tangible personal property include artwork, jewelry, collections, automobiles, furniture, rare coins and stamps, boats, books, antiques, etc.   A gift of tangible personal property can be an appropriate gift to Northern Illinois University. In addition, such a gift can generate a charitable tax deduction.   However, a gift of tangible personal property is subject to certain Internal Revenue Service rules regarding the charitable deduction. Specifically, the IRS has ruled that donated tangible personal property must be put to a use "related" to the purpose or mission of the organization. A related purpose, or use, of a personal property gift must exist in order that the full fair market value of the asset be a charitable deduction. Otherwise, the charitable deduction is limited to the cost basis of the asset.   Some examples of tangible personal property that could have a related use to Northern, if given as a gift, are:   1. Computers; software 2. Books related to course work at the university 3. Works of art 4. Office furniture 5. Patents and copyrights 6. Athletic equipment   Delivery The delivery date, or date of the gift, is the date the tangible personal property is received by the university.   Valuation for Charitable Deduction If a donor claims a charitable deduction of more than $500 for the contribution of tangible personal property, then Part I of IRS Form 8283 must be completed.   If a donor claims a charitable deduction of more than $5,000 for the contribution of tangible personal property, then the donor is required to have a qualified appraisal dated within 60 days of the donation and reported in Part B of the IRS Form 8283. The donor, according to IRS guidelines, must pay the appraisal fee.   For more information, please contact John Sentovich, Director of Gift Planning, at 815-753-1344 or e-mail sentovich@niu.edu.