Personal Property

Gifts of Artwork, Coins, and Other Collectibles

You can use artwork, coins, and other collectibles to make a generous gift to Hamilton. Depending on the property you give us, we may either keep your property and use it for our charitable purposes or sell it and use the proceeds.

Gifts of Other Personal Property

You may own equipment, supplies, or other personal property that you no longer need and would be useful to us. Please discuss these items with us prior to your donation to determine which ones we will be able to put to productive use.

Because we cannot accept all proposed gifts of artwork or other collectibles, please discuss these items with us prior to your donation so that we can ensure that the proposed donation is considered by the appropriate department at the College.

Relieve Yourself of Responsibility

Maintaining valuable collectibles, such as works of art or antiques, can be a big responsibility. By giving your collectible to Hamilton, you will no longer be responsible for keeping it secure, preventing its deterioration, or paying to insure it against damage or loss. If you are in this situation, consider making a gift of the item or items to us.

Tax Benefits

Your gift of personal property will save you income taxes, provided you itemize, and capital gains taxes.

If we are able to use the item(s) you give us to advance our charitable purpose, you will be eligible for an income tax charitable deduction for the year in which the gift is completed equal to the full appraised value of your property. If we cannot put your property to a “related use,” or you direct us to sell your property immediately for cash, your income tax charitable deduction will be limited, typically to the amount you paid for your property.

Whether or not we are able to put your gift property to a related use, you will avoid all potential capital gains tax on your property. If you were to sell property that is considered a collectible, you would have to pay a special 28% tax on the difference between its current value and what you paid for it, rather than the 15% tax applied to sales of securities.

You may also save estate taxes, as once you give your collectible or other personal property to Hamilton the property will no longer be part of your estate.

Appraisal Requirements

You may need a qualified independent appraisal of your property in order to establish the value of your gift. If you give personal property valued at $5,000 or more and you wish to take an income tax charitable deduction for your gift, you will need to complete IRS Form 8283 and have it signed by both your qualified independent appraiser and by the College. For high-value donations of personal property, you may need to include the appraisal with your federal income tax return. We encourage you to seek the advice of your tax advisors regarding the documentation that you will need to maximize the tax benefits of a gift of personal property to the College.

Consult with Us Before Making Your Gift

It is important that you discuss with us the personal property you are considering for donation before you make your gift. We want to be sure that we can accept the property you have in mind.

Also, we will want to discuss with you what will happen to your property once we receive it. We want to be sure we will be able to carry out your wishes. This discussion will also help you anticipate the likely tax benefits of your gift.

If you are interested in offering a gift of art for the Ruth and Elmer Wellin Museum of Art at Hamilton College, please contact giftart@hamilton.edu. 

If you are considering a gift of public art to the College, please see the College’s policies and information about the process for approval of gifts of public art.

If you are considering a gift of other types of tangible personal property, you are encouraged to contact the Director of Planned Giving at jross3@hamilton.edu, who can direct you to the appropriate Hamilton department head to discuss the potential gift.