Make a Gift - Outright Gifts

A gift of cash, usually in the form of a check, money order, electronic funds transfer, or credit card transaction, is the most popular type of gift. Generally, cash gifts are deductible up to 50% of your adjusted gross income. Any excess over 50% can be carried forward for up to five additional years on your tax return.

The date of a cash gift is considered the date it is hand-delivered or the date the check in mailed. The date of a gift made by credit card or electronic fund transfer is the date of transaction.

Make a cash gift now by check, money order, electronic funds transfer, or credit card transaction.

Such gifts include stocks, mutual fund shares, bonds, and bond coupons. When you give you appreciated property owned for more than 12 months, you not only receive a deduction for the full fair market value of the asset in the year of the gift, but can also avoid the capital gains due on the profit of the securities.

In the case of closely-held shares of private or family businesses, should their value exceed $5,000 you will need a qualified appraisal to confirm value.

Please contact us to discuss a potential gift of appreciated securities. We can discuss with you the most appropriate method of transfer, the tax implications of your gift, the most appropriate timing, and how you wish its proceeds used.

Whether commercial or residential, a gift of real estate can provide numerous advantages to its owner. The tax benefits are virtually identical as gifts of appreciated securities. You avoid capital gains, as well as receive an income tax deduction for the full fair market value of the property.

Some real estate can be transferred by deed with no liability for income or estate taxes on the appreciation.

Please contact us to discuss a potential gift of real estate. We can discuss with you the tax implications of your gift, the most appropriate method of transfer, the most appropriate timing, the appraisal of such a gift, and how you wish its proceeds used.

Such gifts might include rare books, artwork, gems, collections of value, antiques, equipment and personal property of value. Even patents and copyrights can be given. Gifts of less than $5,000 can be gifted and its value determined by the owner. You will be liable for its value if claimed as an income tax deduction. If the value of the prospective gift is $5,000 or more, an independent appraisal must be done, in some cases by both the donor and the receiving organization.

Please contact us to discuss a gift of personal property. We can discuss the specific asset, its perceived or declared value, opportunities for disposal, the most appropriate method of transfer and timing, and how you wish the asset or its proceeds used.

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