Frank Lloyd Wright's
Martin House Complext
Martin House Complex In-Kind Giving & Tangible Property
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The MHRC welcomes contributions of items and services in support of its education, restoration and preservation programs. The MHRC receives In-Kind Donations such as printing, media, design services, catering services, computer equipment, historic materials or artifacts, and auction items or services for fund-raisers.

Please e-mail donate@darwinmartinhouse.org or call 716.856.3858 to discuss making an In-Kind Donation.

INFORMATION FOR DONORS OF TANGIBLE PERSONAL PROPERTY

The following information is provided to individual donors considering making outright gifts of tangible personal property to the Martin House Restoration Corporation (MHRC). While we strive to provide accurate and complete information, the MHRC cannot "represent or advise" individual donors. Please consult your legal, accounting, or other professional advisors to confirm current IRS rules and regulations governing non-cash charitable contributions. Thank you for your gift!

The MHRC appreciates gifts of tangible personal property (also called in-kind or non-cash gifts). Gifts of this kind are deductible at their full fair market value with no capital gains tax on appreciation of the property, provided the use of the gift is directly related to the MHRC's tax exempt mission. If the gift you give was created by you, such as furniture, then you are only entitled to a charitable income tax deduction for the actual cost of the materials used to produce the property.

Tax Considerations

Federal tax law generally allows individual donors who give non-cash gifts to the MHRC to claim a charitable contribution deduction for the fair market value of the gift. Numerous exceptions apply, for example, if the MHRC cannot make use of the property within its educational purpose. IRS Publication 526 titled "Charitable Contributions" and Publication 561 titled "Determining the Value of Donated Property" are informative in determining whether to claim a tax deduction.

Following are several specific tax implications that donors should consider:

Non-Cash Gifts Exceeding $250 in Value
An income tax deduction will be allowed for charitable contributions valued at $250 or more only when the donor has received a written "substantiation acknowledgment" from the MHRC that describes, but does not value, the property. Valuation of donated property is always the responsibility of the donor, as the Service deems the MHRC (or any donee charity) as a "non-qualified appraiser," (as it could have bias toward giving higher appraisals in order to induce gifts). The appraiser must be totally "independent."

Non-Cash Gifts exceeding $500 in Value
If a donor contributes property valued at $500 or more, the donor must complete Section A of IRS Form 8283, and include this form with the tax return on which the donor claims the charitable income tax deduction. When only Section A is required, the MHRC need not sign Form 8283.

Non-Cash Gifts Exceeding $5,000 in Value
Non-cash gifts exceeding $5,000 require a written appraisal by an "independent qualified appraiser." That appraisal report, together with the Form 8283, should be submitted with taxpayer's Form 1040. This appraisal requirement also applies when the aggregate claimed values for all similar items of property for which charitable deductions are claimed in the same taxable year exceeds $5,000. When the gift exceeds $5,000 in value, both the MHRC and the appraiser must sign the Form 8283. The MHRC must acknowledge receipt of the gift by signing this form in Section B., Part IV. It is the responsibility of the donor/taxpayer to initiate the completion of Form 8283.

Qualified Appraisals

If required, a qualified appraisal must be prepared not earlier than sixty days before the date of contribution and not later than the due date of the tax return, including extensions. The appraisal must be prepared for the donor/taxpayer by a "qualified appraiser." A qualified appraiser is an individual who regularly appraises property of the nature of the particular gift of tangible personal property. The qualified appraiser may not be the donor, nor the MHRC, nor any party to the transaction in which the donor acquired the property, nor anyone related to the donor or the MHRC. The payment of fees associated with obtaining the appraisal is required to be made by the donor to assure the appraiser's "independence."

Several Exceptions to the Rules

Generally, publicly traded stock does not require an appraisal, regardless of dollar value. For stock that is not publicly traded, an appraisal is not required unless the claimed value is more than $10,000. Other exceptions may apply. For further information, contact your tax advisor or the MHRC's Executive Director at 716-856-3858.

IRS Form 8282

The MHRC must file IRS Form 8282 if, within two years of the date of the gift, the MHRC disposes of a gift for which an appraisal was required. This form shows disposition date and the amount of proceeds. It is intended to help the IRS track discrepancies between the claimed value of non-cash contributions and the amount eventually received by the MHRC.

For additional information, please contact the Martin House Restoration Corporation at 716.856.3858 and speak with our Executive Director or our Curator.

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