This article is the second of a two-part series on substantiating noncash gifts. Part one on noncash real property appeared in the August issue. What follows are substantiation considerations for "personal property"—such as clothing, cars, boats, household items, and stock.

The tax rules for gifts of noncash donations can be more complex than cash contributions, where bank records and receipts can play a key role. The gifts in the category of noncash donations come in many more forms, as well.

Household goods, clothing, and furniture are some of the more well-known items people think of as noncash property donations. However, anything of value that can possibly be donated falls under this umbrella for the purposes of gift substantiation, said Ted Batson, CPA and attorney with the accounting firm CapinCrouse.

"Stamps, antiques, jewelry, fur coats, baseball cards—really, anything of worth or items that together will comprise a valuable collection—can be passed on in this way," Batson said.