Personal Property

Donors may want to consider benefiting others by contributing gifts of tangible personal property such as gifts of boats, valuable collections, antiques, art, or other items. A gift of personal property to Providence Hospitals during your lifetime will serve to reduce your taxable estate, as well as to generate an income tax deduction in the year the gift is made.

If the personal property is held for longer than one year and is related to the charitable function of Providence Hospitals,(generally, for art and antiques, this will not be the case), the donor is entitled to deduct the full fair market value of the property (up to 30 percent of the donor's adjusted gross income, with the ability to carry over for up to five years). If the property has been held for a year or less or is unrelated to the exempt purposes of Providence Hospitals, the donor's deduction is limited to the cost basis of the property.