Tangible property
Tangible property is essentially anything that can be touched, although as used on this Web site, the term does not include land, buildings or any other type of real estate. Here, tangible property refers to donations of medical supplies and other non-cash donations.
In a few situations, it may be appropriate for you to give other types of tangible property to Medical Teams International, but only if we can use the property in the course of doing our work. Things that may have decreased in value since you acquired them, such as vehicles and furniture, are best sold first so that you can make an outright transfer of some or all of the resulting cash proceeds.
Likewise, you may be better off selling even things that have increased in value over the years, such as artwork or collectibles. Of course, you would need to be sure the tax deduction associated with your gift of some or all of the resulting cash would offset the capital gain.
If you would like additional information, please contact us.
Linda Ranz
lranz@medicalteams.org
425.284.1941
| The information on this Web site does not constitute legal, financial, tax or estate planning advice and should not be relied upon as a substitute for such advice. Medical Teams International encourages you to seek the counsel of your own professional advisers and values their involvement as you determine how you would like to proceed. | |