Gifts of Personal Property
(Related use requirements)

To obtain a full market value deduction for a gift of personal property, the use by Wells College must be related to its charitable purposes or functions. If not, the deduction is for cost basis only (or, if less, fair market value). To illustrate this, a gift of a painting to a museum should clearly be a related use gift. However, if the work of art is contributed, for example, to a charity that intends to sell the piece, the deduction may be for cost basis only.

For more information

Email us, complete the personal illustration form, or call us at 315-364-3443 so that we can assist you through every step of the process.

Pettibone House
Aurora, NY 13026
315-364-3443 | Fax: 315-364-3362
E-mail: development@wells.edu

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