Gifts of Cash

• Cash, usually a check, is the most common form of a charitable gift. When making a cash gift, you are entitled to an income tax deduction for the entire amount of the gift. IRS regulations limit how much charitable deduction may be taken in any one year. If the amount of your deduction exceeds this limit, unused deduction amounts may be carried forward up to 5 additional years.

  
  

• The Life Estate Reserved gift plan allows donors to contribute a personal residence to the Church but retain the right to live in the home for their lifetimes. The donor is entitled to an immediate income tax deduction for a part of the value of the home. The deductible amount depends upon the market value of the home and the age of the contributor. The right to live in the home can be retained by both a husband and wife. The donor continues to maintain the home and pay taxes and insurance.