Gifts of Cash
Gifts of cash can be deducted against a larger portion of your taxable income than can gifts of appreciated property. Cash is the simplest medium for a donation, and provides us immediate benefits. 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. If you want the maximum effect from your deduction, using cash for your gift may be your best strategy.
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To learn more about gifts of cash, Email us, complete the Information Request Form, or call us at (805) 682-7638 so that we can assist you.
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