Gifts of Cash

Gifts of cash can be deducted against a larger portion of your taxable income than can gifts of appreciated assets. Cash is the simplest donation and provides us immediate benefits. Your gift can be made outright or fund one of our life income arrangements.

The IRS allows you to claim charitable deductions for gifts of cash up to 50 percent of your adjusted gross income ("AGI" -- the figure at the bottom of the first page of Form 1040. See glossary for full definition). Alternately, if you use appreciated property instead of cash to make your gifts, you can claim deductions up to only 30 percent of AGI. Although excess deductions may be claimed over the five years after the gift is made, if you are looking for substantial immediate tax deductions you may be better served giving cash instead of property: