Charitable Giving and Taxes
Motivations for giving are as diverse as the donors themselves. Although there are many tax benefits associated with charitable gifts, this is rarely the primary incentive to give. Private philanthropy is the foundation of every charitable endeavor.
However, charitable giving is one of the only income tax deductions that an individual can create. Being aware of the benefits will help you make sound decisions for yourself, for your family, and for Wheaton.
A charitable contribution is deductible for all donors who itemize their returns. The allowable deduction depends principally on the form of gift. While specific benefits are described in this guide, in general you should know that, for a gift to Wheaton, you could receive:
- Income tax savings through the charitable deduction for the value of the gift.
- Avoidance of the capital gains tax on contributions of appreciated long-term capital gain property with respect to certain gifts.
- Retained payments for the life of a donor and/or other beneficiaries.
- The possibility of a higher rate of return than currently provided by the contributed assets.
- Elimination of federal estate tax on the value of the interest in the property passing to Wheaton upon the donor≠s death.
- Reduced estate settlement costs.
This page is maintained by The Office of Gift Planning. Last updated on 9/27/06.
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