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Convenience of Cash
Cash is a popular form of
charitable gifts, easily recorded through canceled checks and
receipts. As an itemizer, you may deduct cash gifts up to 50
percent of your adjusted gross income. Any excess may be
deducted over the next five years.
Save
by Non-cash Gifts
Stocks (including mutual funds),
many bonds, other publicly traded securities, and certain other
non-cash properties make excellent gifts.
Increased
in Value?
When securities and other
qualified properties have increased in value and have been held
for at least a year and a day, you can usually save more by
giving such property rather than an equivalent amount of cash.
You receive a double tax benefit
when you give appreciated property. You are allowed to deduct
the cost of the increase in value without paying the capital
gains tax which would be due on the sale of a property.
Decreased
in Value?
If the property you wish to give
has decreased in value, it is usually best to sell it and give
the cash proceeds. You may then be able to take a capital loss
on your federal income tax return, as well as a deduction for
the amount of the resulting cash gift.
Matching
Gifts
Many corporations have a complete
matching gift policy. If you qualify, be sure to complete the
necessary form to multiply your gift dollars.
Deferred
Gifts
Would you consider a gift through
a charitable remainder trust or other gift plan? If the gift is
finalized before the end of the year, you will receive a
charitable deduction for the year.
For
information on Ways to Give, please call WCJC's Office of the
President at (979)532-6304
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