Tangible personal property, such as books, artwork, jewelry, antiques, and the like, may be donated to MoMA during your lifetime or by bequest.
Tangible personal property, such as books, artwork, jewelry, antiques, and the like, may be donated to MoMA during your lifetime or by bequest. The Museum must give special consideration to such gifts before it can accept them, and we advise you to contact the Office of Planned Giving if you are contemplating donating tangible personal property to the Museum. (See note on gifts of artwork below.)
As with gifts of appreciated securities held long term (longer than 12 months), a donor of tangible personal property held long term and accepted by the Museum is potentially entitled to claim an immediate income-tax charitable deduction and avoid capital gains taxes. The extent of the allowable income-tax deduction for such a gift, however, would depend on whether the Museum uses the property in a manner related to its tax-exempt mission.
If the use of the contributed property is related to MoMA's exempt purposes (e.g., gifts of modern or contemporary artwork accepted into the Museum’s collection), the donor is generally entitled to claim an income-tax charitable deduction for the full fair market value of the property (up to 30% of AGI with a five-year carryover). If the use of the contributed property is unrelated to MoMA's exempt purposes, or if the donor held the property for 12 months or less before making the donation, then the donor's income-tax charitable deduction is limited to the cost basis in the property.
Note on Gifts of Artwork
Artwork is one form of tangible personal property. If you are considering donating a work of art to the Museum, you should first contact a curator in the appropriate curatorial department to talk about your proposed gift. The Museum has curatorial departments devoted to Architecture and Design, Drawings, Film, Media and Performance Art, Painting and Sculpture, Photography, and Prints and Illustrated Books.
Contact the Office of Planned Giving at email@example.com or (212) 333-6527 for curatorial department contact information.