You can scroll down through this page to review the options if you have assets to give, or click on any of the following links to jump to an individual method of giving:..
1. Gifts of Cash
How it works
Gifts of Cash - Complete gift description
If you want to help Hanul Family Alliance today and maximize your charitable deduction, consider making your gift with cash. Cash is the simplest asset to donate- there is no appraisal to secure and no acceptance policies to follow. It is also the simplest asset for Hanul Family Alliance to put to good use. [new paragraph] Make your cash gift via check or money order, a credit card or a wire transfer.
There’s an extra tax benefit
You can claim the entire amount of your cash gift as a charitable income tax deduction. The IRS allows you to claim this deduction up to 50% of your adjusted gross income (AGI). If you used appreciated securities or other assets to make your gift, your deduction would be the same, but you would only be able to claim the deduction up to 30% of AGI.
Although a cash gift can provide immediate benefit to us, you can also use it to fund a life-income plan such as a charitable gift annuity.
Gifts of Cash - Is this gift for you?
A gift of cash is for you if…
For charitable gifts of cash, the IRS allows you to claim up to 50% of your adjusted gross income (AGI). However, for charitable gifts of appreciated property, you may deduct up to only 30% of AGI in any one year. The good news is that with both types of gifts, if you cannot use all of the deduction in any one year, then you may carry over any remainder for the next five years. We have illustrated this below.
|GIFT OF:||CASH||APPRECIATED ASSETS|
|Amount of Gift||$200,000||$200,000|
|Total Charitable Deduction||$200,000||$200,000|
|Deductible Against % of AGI||50%||30%|
|Deduction in First Year||$150,000||$90,000|
|Net Taxable Income, First Year||$150,000||$210,000|
|Net Tax in First Year at %35 Rate||$52,500||$73,500|
* This example is based on current income tax rates, which may change.