Gifts of Tangible Property

Maximizing Your Contribution with a Gift of Property

When you gift tangible personal property, such as jewelry, artwork, or real estate, especially items that have appreciated in value since you acquired it and you’ve owned it for more than one year, you open the door to a range of advantages. Firstly, by contributing to the Kansas City Ballet, you become eligible for a charitable tax deduction. This deduction is particularly advantageous when the donated property aligns with the Ballet’s purpose and work.

Moreover, donating appreciated property allows you to sidestep capital gains tax, providing a double benefit by supporting the Ballet while minimizing your tax burden. This can be especially beneficial if you have held onto valuable artwork or jewelry for a significant period.

Planning for the Future

For those who may not be ready to part with their cherished possessions just yet, there is still an opportunity to give later through your estate. By including provisions for the donation of art or jewelry in your estate planning, you can leave a legacy that supports the Kansas City Ballet’s future endeavors.

Navigating IRS Requirements

Understanding the tax implications of donating art and collectibles is crucial for maximizing your contribution. For donations exceeding $5,000 in value, it is essential to obtain a qualified appraisal and submit Form 8283 with your tax return. This ensures compliance with IRS regulations and validates your charitable deduction.

For donations valued at $20,000 or more, attaching a qualified appraisal for the art is mandatory. Additionally, providing a high-resolution digital image of the donated item may be requested to facilitate the appraisal process.

In the case of donations valued at $50,000 or more, donors can request a Statement of Value from the IRS before filing their tax return. This statement further substantiates the value of the donation and ensures proper documentation of the contribution.

Ensuring the Impact of Your Generosity

It is important to note that while the Kansas City Ballet deeply values and appreciates all forms of support, certain gifts or donated properties may be subject to review prior to acceptance. This process ensures that the donated items align with the Ballet’s mission and can be utilized effectively.

By conducting a thoughtful review of these potential gifts, the Ballet can maintain its commitment to excellence while honoring the intentions of your generous support.

Please download and submit the Gift Acceptance Application.

Interested in making a gift of tangible property?

A member of the Philanthropy team will gladly guide you through the process once you have submitted your form. For immediate questions please email or call 816.216.5612.


Disclosure: We encourage you to consult your financial advisor or attorney as you consider a gift for Kansas City Ballet. The information provided here is not intended as legal, accounting, or other professional advice.

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