There are a number of other non-cash outright gift options that can also benefit Rush University Medical Center in Chicago. These options include the following:
Appreciated real estate (a principal or vacation residence, a farm, a commercial building or unimproved land) is a wonderful gift to Rush University Medical Center.
Keep in mind that if you sell the appreciated property yourself, capital gains tax due on the appreciated amount may reduce your net gain considerably. If, however, you deed the real estate to Rush, you should be able to deduct its full market value, including all appreciation, free of any capital gain consequences.
Tangible Personal Property
Gifts of tangible personal property can include works of art, rare books, jewelry, antiques and other physical objects. Rush welcomes inquiries about gifts of personal property, but the Medical Center’s gift acceptance policies will dictate whether it is in our best interest to accept any gift of personal property. Please keep in mind that we cannot appraise or assign a value to the property.
For gifts of tangible personal property valued at $5,000 or more, the IRS requires the donor/taxpayer to establish a value for the gift and to provide, at donor expense, a qualified appraisal as documentation. If such gifts do not have a use related to Rush’s underlying mission, only the cost basis of the property is considered to be deductible.
It is easy to give a life insurance policy to Rush that is fully paid up and take a deduction for its “present value” as determined for tax purposes, or to purchase a new policy of which the Medical Center is both owner and beneficiary. This option can allow you to convert a policy that may have outlived its original purpose (i.e. providing for minors, now grown and self sufficient) into a tax deductible philanthropic gift to Rush without depleting assets that are essential for your future needs or those of your family. Additionally, because death benefits are not subject to probate, they can be distributed immediately to Rush to fulfill your philanthropic objectives without delay.
Remember: We strongly encourage you to consult profesional counsel about the applicability to your own situation of the options outlined here.