Often the most satisfying donations are those you make right when the urge strikes—the types of gifts that allow you to see the immediate benefits of your generosity. Gifts you make today for immediate use are known as outright gifts, and there are many ways to make them.
In addition to accepting checks or cash, many organizations now have the means to take secure donations by credit card via the telephone and on their Web sites. The gift is deductible for income tax purposes when the charge is put on the card, even if the charge isn't paid until later. You may also be able to arrange monthly billing to your credit card. Assets that have appreciated in value and have been held for more than a year, such as stocks or real estate, are an excellent source of outright giving. You can deduct the fair market value of the asset donated to the organization and pay no capital gains tax on the increased value.
Consider donating a vacation home you no longer use or property purchased as an investment many years ago. In some cases, you can donate your personal residence; yet reserve the right to live there for the rest of your life or that of a loved one.
Valuable items that no longer fit your lifestyle or needs could make excellent charitable gifts, depending upon our gift acceptance policies.
An outright donation is not only personally fulfilling, but offers potential tax benefits as well. We would be happy to discuss how such a gift might work in your situation.
For more information please contact Bonnie Faulkner, Executive Director Wilson Memorial Hospital Foundation at bfaulkner@wilsonhospital.com or (937) 498-5575.
This information is not intended as financial or legal advice. For financial or legal advice, please consult your financial advisor or attorney.