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Virginia Tech benefits from a surprising range of gifts of tangible personal property and gifts-in-kind such as artwork, architectural drawings, collectibles, books, supplies, and numerous other items, many of which would otherwise have required the donor to provide costly or time-consuming care and management.
Both the value to the university and your potential tax benefits depend upon the use of the gift.
Related use: If your gift qualifies as "related use" – that is, if it will be used by the university to accomplish its mission – you can deduct the property's full fair market value. Examples of such gifts have included musical instruments used by student performers, scientific specimens for study and exhibit, and equipment used by researchers.
Unrelated use: For tangible personal property gifts with "unrelated use," the donor can typically deduct the lesser of the cost basis (usually the purchase price paid by the donor for the property), or the fair market value.
To learn more about donating tangible personal property and gifts-in-kind, contact the development officer for the area of the university you wish to support.