Did you realize that valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can be used to support our work? Your treasures can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether we can use the property in a way that is related to our work to lead the transformation of our health care system.
Related use property — e.g., a piece of artwork donated to an art museum — is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
There are several ways to make a gift of personal property to Mayo Clinic:
An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction when you itemize.
A gift in your will or living trust. You can make a lasting impact at Mayo Clinic by donating your treasures to us through your will or living trust. A benefit of donating property to us through your will is that it gives you flexibility to change your mind at any time.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by Mayo Clinic, consider making a gift to Mayo Clinic in his or her name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of Mayo Clinic will last forever.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
- Contact Mayo Clinic Office of Gift Planning at firstname.lastname@example.org or 1-800-297-1185 for more information on giving a gift of personal property.
- Seek the advice of your financial or legal advisor.
- If you include Mayo Clinic in your plans, please use our legal name and federal tax ID.
Legal Name: Mayo Clinic
Address: 200 First Street SW, Rochester, MN 55905
Federal Tax ID Number: 41-6011702
Not Sure How to Begin Planning?Download our FREE Personal Estate Planning Kit
Make a Distribution to Mayo Clinic Through Your Donor Advised Fund
If you have a donor advised fund with another provider, please consider making a distribution to Mayo Clinic or listing us a final beneficiary. You may request an immediate distribution utilizing the tool below.
Contact the Mayo Legacy
Jess Nelson LeMay
TML Phone: 1-844-330-5855
TML E-Mail: TheMayoLegacy@mayo.edu
The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Mayo Clinic policies may impact gift acceptance, gift structure, and options available. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.