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Charitable Contributions Tax Ideas

Charitable Contributions Tax Ideas

Tax-Smart Ideas to Stretch Your Support for Charitable Organizations

Give Securities Instead of Cash

You can magnify your support for worthwhile causes by giving stocks or other assets that have (a) gone up in value and (b) been owned by you for more than 12 months. You can deduct your cost, plus your untaxed "paper profit" (capital gain), up to 30 percent of your adjusted gross income. Excess deductions can be carried and deducted for up to 5 years. Cash gifts are deductible up to 50 percent of adjusted gross income.

Make a Large Gift, Receive a Partial Deduction, But Keep a Lifetime Income

You can make a gift of significance today yet reserve income for life for yourself or others. You can choose between a fixed income and variable payments. You'll receive a charitable deduction for a part of what you give and if you fund your gift with securities, you may reduce or avoid capital gains taxes. Lifetime payments may be taxed under favorable rules. Contact your accountant for details.

Make Gifts from Your Business

If you own a business, you may have two "pockets" from which to give. Owners of closely held corporations should consider contributing stocks in their companies. In some cases, it may be more favorable for the corporation to make charitable gifts. Ask your advisors.

Make "Temporary" Gifts of Cash or Income-Producing Property

Letting a charity "borrow" income-producing assets for several years (through a charitable lead trust), with the assets later passing to children or grandchildren, can reduce income taxes and future gift taxes, estate taxes and generation-skipping transfer taxes.

(Reproduced from the Charitable Giving Tax Service from R&R Newkirk)

To learn more about how to make a gift and the benefits you could receive, please contact CGH Health Foundation Executive Director Joan Hermes at (815) 625-0400, ext. 5672, or write to 100 E. LeFevre Road, Sterling IL 61081 or email us here. Your tax-deductible gift can be made out to: CGH Health Foundation.


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