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Gift Planning |
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Gifts of Cash Gifts of cash can be deducted against a larger portion of your taxable income than can gifts of appreciated property. Cash is the simplest medium for a donation and provides the Art Institute of Chicago with immediate benefits. The IRS allows you to claim charitable deductions for gifts of cash up to 50% of your adjusted gross income (AGI—your total taxable income for the year). Alternately, if you use appreciated property instead of cash to make your gifts, you can claim deductions up to only 30% of AGI. Although excess deductions may be claimed over the five years after the gift is made, if you are looking for substantial, immediate tax deductions you may be better served giving cash instead of property. More
To learn more about gifts of cash, e-mail us, complete the information request form, or call us at (312) 499-4110 so that we can assist you. The Art Institute of Chicago Planned Giving content ©2008 VirtualGiving | Disclaimer & Privacy Notice |
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