Tangible Personal Property

Easy assets you can donate with little or no legal expense that will not affect your cash flow.

Examples include:

  • Art
  • Valuable antiques
  • Stamp and coin collections
  • Silver, gold, and precious gems
  • Sports memorabilia and trading cards
  • New Medical Supplies and Equipment
How It Works
  • You transfer personal property to Silver Cross Foundation.
  • You will need to secure an independent appraisal of the property to establish the amount of your deduction. This independent appraisal must be completed within 30 days of the gift.
  • You must file IRS Form 8293 (Non-cash Charitable Contribution) if the amount of the total charitable deduction you are claiming for the gift is more than $500 for the year.
  • If the item(s) exceed $5,000 in claimed value, you must also summarize on Form 8283 the appraisal obtained on the property. The appraiser and a representative from the Silver Cross Foundation must sign Form 8283.
  • Silver Cross may hold and display the work or use it in the furtherance of its mission.
  • Silver Cross may sell the property at some point in the future and use the proceeds towards its mission.
Benefits
  • You receive an immediate income tax deduction for the appraised value of your charitable gift and pay no capital gains tax, so long as the gift can be used by Silver Cross to carry out its mission.
  • Without using cash, you can make a gift that is immediately beneficial to Silver Cross.

If you are considering such a gift contact the Silver Cross Foundation at (815) 300-7105 or tsimons@silvercross.org. We can determine if the items can be used by Silver Cross —a requirement for you to claim a full deduction. If you donate personal property that is liquidated for cash, the IRS will limit your charitable deduction to your cost basis in the property.

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Physicians on Silver Cross Hospital’s Medical Staff have expertise in their areas of practice to meet the needs of patients seeking their care. These physicians are independent practitioners on the Medical Staff and are not the agents or employees of Silver Cross Hospital. They treat patients based upon their independent medical judgment and they bill patients separately for their services.