Tangible property: coins, antiques, works of art, etc.
When planning your estate, remember that personal property such as coin collections, antiques, jewelry and works of art may be subject to estate taxes. Should you wish to donate this type of property during your life, you can reduce the taxes that eat away at your heirs' inheritance.
How you can save taxes
Making a gift of tangible property to Graceland would provide you an income tax deduction for the full fair market value of the property as determined by an appraisal. A gift of an item that is not related to Graceland's educational purpose as determined by the Internal Revenue Service, will provide you with a deduction equal to the cost basis of the property. A gift of an asset that has appreciated in value would allow you to avoid the capital gains tax. In addition, you can benefit from gifting the entire value of the item without incurring the adverse tax consequences.
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