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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.
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:
For charitable gifts of cash, the IRS allows you to claim up to 50% of your adjusted gross income ("AGI"). However, for charitable gifts of appreciated assets, you may deduct up to only 30% of AGI in any one year. The good news is that with both types of gifts if you cannot use all of the deduction in any one year, then you may carry over any remainder for the next five years. We have illustrated this below.
Gift of:
Cash
Appreciated Assets
Donor's AGI
$300,000
$300,000
Amount of gift
$200,000
$200,000
Total charitable deduction
$200,000
$200,000
Deductible against % of AGI
50%
30%
Deduction in first year
$150,000
$90,000
Net taxable income, first year
$150,000
$210,000
Net tax in first year @35% rate
$52,500
$73,500
Carryover deduction
$50,000
$110,000
*This example is based on income tax rates that can change yearly. Contact our office for a personal illustration based on the latest rates.
If you are considering a gift of cash, email us,
complete the personal illustration form, or
call us at 406.586.6303 so that we can assist you through every step
of the process.
Gift of:
