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Outright gifts can include cash, securities, real estate, and life insurance.
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A cash gift is the simplest way to establish a named fund or to add to an existing fund. Cash gifts are fully deductible up to 50 percent of the donor's adjusted gross income in any one year. Deduction amounts exceeding this limit may be carried forward for up to five additional years.
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Gifts of appreciated securities (bonds and stock, including stock in closely held companies) also may be used to establish a fund or add to an existing fund. Such gifts often provide important tax advantages. Their full fair market value is deductible as a charitable contribution up to 30 percent of your adjusted gross income. As with gifts of cash, deduction amounts exceeding this limit may be carried forward for up to five additional years. The added benefit of giving appreciated securities is the avoidance of the capital gains tax on the appreciated portion of the gift. Gifts of closely held stock enjoy the same tax benefits as with publicly traded stock.
Making a charitable gift of real estate can help you turn your property gains into community good. A gift of real estate enables you to make a bigger charitable difference than you may have thought possible, helps you avoid estate taxes, and minimizes or eliminates burden placed on your heirs to maintain the property. Charitable gifts of real estate range from personal residences and vacation homes to rental properties, farmland, and commercially developed land.
You may choose to give real estate outright and receive an immediate tax deduction or retain the use of the property during your lifetime and make a deferred gift. You may also choose to convert real estate into a stream of income for the rest of your life. Doing this lets you transform a low-yield asset into a higher-yield, income-producing asset and claim a tax deduction for the charitable portion of the gift.
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Life insurance policies also can be used as charitable gifts. If you name our community foundation as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction, which usually approximates the cash surrender value of the policy. All premium payments made by you thereafter will be deductible as a charitable contribution.
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If you have questions about outright gifts that have not been answered in this section, please contact:
Lisa Foley, Director of Gift Planning
(603) 225-6641 ext. 262
lmf@nhcf.org
Peter Lamb, Vice President of Development
(603) 225-6641 ext. 241
pl@nhcf.org
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