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Gifts of Cash
Gifts of cash can be deducted against a larger portion of your taxable income than gifts of appreciated property. Cash is the simplest asset to donate, and provides us immediate benefits to us. Your gift can be made to us outright, or can 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 – your total taxable income for the year). 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 subsequent five years period, you may wihs to give cash instead of property if you are looking for substantial immediate tax deductions.
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To learn more about gifts of cash, Email us, complete the Information Request form, or call us at (215) 893-9000 so that we can assist you.
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