Gifts of personal property require an independent appraisal of the fair market value before the gift is made.  Restrictions by the donor regarding the sale, maintenance, administration, and display of such gifts are possible but subject to review and approval by the Crichton College Board or Trustees. 

For a gift of personal property exceeding a value of $5,000, the Internal Revenue Service requires a qualified appraisal of the market value for the purpose of determining the income tax deduction.  The IRS also requires the filing of form 8283.  Finally, any subsequent sale of gifted personal property within two years of the gift date must be reported to the IRS by the College.

Gifts of real estate offer great flexibility in financial planning.  Whether it is residential property, business property, or farmland, the method by which a donor chooses to make a gift of real estate depends on that person's individual goals and objectives.  All proposed gifts of real estate are reviewed by the College before the gift is accepted.

An outright gift of appreciated land or other real estate has several immediate benefits for the donor.  Those tax benefits include no taxation on the appreciation of the real property; an income tax deduction for 100 percent of the fair market value of the property as the date of the gift; and a reduction in the donor's taxable estate by the value of the gift less any income tax savings that are retained or reinvested.