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Gifts of Cash
(Gift example*)
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.
|
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 |
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Gift
of:For more information
Email us, complete the personal illustration form, or call us at 1-888-PGTUFTS so that we can assist you through every step of the process.
Meet Our Donors |
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Ophelia will support future Tufts students through her charitable remainder unitrust. About Ophelia About her gift |
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Tufts’ leaders have a vision that we share and enthusiastically endorse. About Gary and his wife About their gift |
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Lloyd will support future Tufts students through his estate plans. About Lloyd About his gift |
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Carl remembered Tufts University in his will. |
