Memorial gifts of cash are generally deductible in
amounts up to 50% of your Adjusted Gross Income (AGI). Gifts of appreciated
assets are generally deductible in amounts up to 30% of AGI.
When securities and certain other properties you have owned for more than a year are donated, you are entitled to a deduction for their full value, not just their original cost. This results in you receiving a tax deduction based on your "paper profits" without having to pay capital gains tax. If assets have decreased in value, consider selling them, thereby creating a loss for tax purposes, and making deductible gifts of the cash proceeds.
Consider making larger gifts in years when you have more income. The higher your tax-bracket, the greater the savings from your gifts.
Remember to keep your receipts and acknowledgement letters for tax purposes.
This organization is not engaged in rendering legal or tax advisory service. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained. The purpose of this information is to provide accurate and authoritative information of a general character only. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.