Gifts of Personal Property
How It Works
- You transfer a valuable painting, antique, or other personal property to Montclair Public Library.
- Montclair Public Library may hold and display the property or use it in the furtherance of its mission.
- Montclair Public Library may sell the property at some point in the future and use the proceeds for its mission.
- You receive an immediate income tax deduction for the appraised value of your gift and pay no capital gains tax, so long as the gift can be used by Montclair Public Library to carry out its mission.
- In certain cases, you can use personal property to fund a life-income gift that provides you and/or other loved ones with an income now and benefits Montclair Public Library in the future.
- Without using cash, you can make a gift that is immediately beneficial to Montclair Public Library.
- Frequently asked questions on gifts of personal property.
- Contact us so we can assist you through every step.