What to Give
Gifts of Cash
The simplest way to give. However, you can deduct a cash gift for income tax purposes only in the year in which you contribute it. Your cash gifts are deductible up to 50 percent of your adjusted gross income for the taxable year, but any excess is deductible over the next five years.
Gifts of Life Insurance
You can donate a life insurance policy to us or simply name us as the beneficiary. For the gift of a paid-up policy, you will receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. To qualify for the federal charitable contribution deduction on a gift of an existing policy, you must name us as owner and beneficiary. You can also donate the policy to us and make tax-deductible premium payments to us.
Gifts of Real Estate
If you own property that is fully paid off and has appreciated in value, an outright gift may be the simplest solution. You can deduct the fair market value of your gift, avoid all capital gains taxes and remove that asset from your taxable estate.
You can transfer the deed of your home or farm to us now and keep the right to use the property for your lifetime and that of your spouse. You will receive a current charitable deduction.
Gifts of Retirement Plan Assets
Did you know that your retirement plan assets are facing double taxation? If you leave the assets to your heirs, you'll generate "income in respect of a decedent." So not only is the amount diminished by estate taxes, but the recipient also must pay income taxes on it! Undoubtedly, your decision of who gets the remainder depends on your family members' circumstances; their needs come first. But if you can make other provisions for them, there's a better option for your retirement plan assets-a charitable gift.
Gifts of Securities
The best stocks to donate are those that have increased greatly in value, particularly those producing a low yield. Even if it is stock you wish to keep in your portfolio, by giving us the stock and using cash to buy the same stock through your broker, you will have received the same income tax deduction but will have a new, higher basis in the stock.
Gifts of Securities-Closely Held Stock
Closely held stock-that which is not publicly traded-can also be used as a charitable gift even if you want to maintain a control position in the stock.