Tax Benefits: What Your Gift Can Do For You
For those that support Chatham University, often the only consideration is how the university benefits from each gift. However, federal laws recognize and reward charitable giving. Because each situation is different, individuals are urged to consult a professional advisor regarding personalized tax advantages.
Federal Tax Advantages
Under federal law, gifts of cash (or equivalent) are deductible although limits do apply. If the value of a gift exceeds the deduction limit, the excess may be carried forward and deducted in the five tax years following the gift.
Federal law allows a deduction for non-cash charitable contributions, within limits. However, IRS reporting rules must be followed to secure a charitable deduction. Except in the case of publicly traded securities, if you claim a deduction of $5,000 or more the IRS requires you obtain a "qualified appraisal" and submit the necessary information on the income tax return.
For more information, please contact Emily Peters, director of gift planning, at 412-365-1252 or firstname.lastname@example.org.