Gifts of cash provide you with the maximum allowable charitable deduction – more than gifts made using assets other than cash. The IRS allows you to claim a charitable deduction for gifts of cash up to 50% of your adjusted gross income each year.
Gifts made using checks and credit cards are considered gifts of cash and receive the same tax benefit.
Any excess deduction can be carried forward for up to 5 additional tax years if needed.
By using an asset other than cash to make a gift, you can double your benefit.
Avoid or delay capital gains if the asset has appreciated.
Receive a deduction for the full value up to 30% of adjusted gross income. Any excess deduction can be carried forward for up to 5 additional tax years if needed.
Did you know you could set aside a portion of your estate for charity while leaving the bulk to heirs? Many people decide to leave a percentage of their estate (such as 10%) to charity and the rest to family.
Or, you can provide for family and friends first, then leave the rest of your estate -- known as the "residue" -- to charity. Either of these methods can be established through a bequest in your will or living trust.
You place assets in trust for a number of years. You select the time frame.
During that period, we receive income from the trust. You select the payout percentage. You receive a gift tax deduction (note: you may owe gift taxes).
At the end of the trust, your named heirs receive the trust assets.
No additional gift or estate taxes are due when your heirs receive the trust assets. The value of the assets were “frozen” when they were originally transferred into the trust.
This arrangement may be right for you if:
You would like to pass assets to heirs in a tax-efficient manner.
The assets in question are expected to appreciate substantially over time.
Did you know you could set aside a portion of your estate for charity while leaving the bulk to heirs? Many people decide to leave a percentage of their estate (such as 10%) to charity and the rest to family.
Or, you can provide for family and friends first, then leave the rest of your estate -- known as the "residue" -- to charity. Either of these methods can be established through a bequest in your will or living trust.
You convey a partnership interest to the University.
Depending on the circumstances, Fordham may choose to hold the partnership interest or to sell it quickly. Any partnership distributions or sales proceeds will be applied to the purposes you designate.
Benefits
You receive gift credit and an immediate income tax deduction for the appraised value of the donated partnership interest, net of any liabilities.
Under certain conditions, you may be able to use a partnership interest to fund a life-income arrangement, such as a unitrust.
You can have the satisfaction of making a significant gift that benefits both you and Fordham during your lifetime.
It is important that you contact us so that we can assist you with transfer instructions. If you own securities in a brokerage account, we can help you set up an electronic transfer of the shares to our brokerage account. If you possess actual stock certificates, we can tell you how to sign the certificates over to us and fill out a stock power form.
Assuming you are giving long-term (owned for 12 months or more) appreciated securities, you will receive a charitable income tax deduction equal to the fair market value of the shares. For common stock this is typically the mean value on the date that we take control of the shares you give. You will pay no capital gains tax. Gifts of stocks are deductible up to 30% of your adjusted gross income the year you make your gift. Any excess amount can be rolled over into the next tax year, for up to 5 additional tax years if you need it.
It is generally our policy to liquidate any donated stock shares very soon after receiving them, so that we can use the cash proceeds for the purpose you designate.
In many cases yes, and considerable tax benefits can result. However, giving closely held stock is more complicated than giving common stock. We stand ready to assist you with your gift intention. Our prerequisite to giving closely held stock is that the business or the shares have had a recent qualified appraisal. Please contact us so that we can walk you through the process.
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Questions and Answers
How do I arrange for a gift of my stock?