This summary, provided by the Advancement Office, is intended as general information only and should not be considered specific tax advice. Please contact your accountant, attorney, or financial advisor for more detailed information appropriate to your individual financial situation.
Union University is a non-profit institution of higher education, and classified by the Internal Revenue Service as a 501(c)3 organization. If you itemize your federal income tax return, you may deduct your contributions to Union University just as you would deduct gifts to your church or other charitable organizations. Typically, Union University does not provide any goods or services in exchange for charitable gifts. Keep your gift receipts as a means of documenting your financial support of Union University. For more information about the tax implications of charitable gifts, please see below.
You might consider giving shares of your mutual fund or stock instead of cash as this may be the most cost-effective way to make a gift. When you give appreciated property owned for more than twelve months, you not only receive a federal deduction for the full value of the asset, but you also avoid the capital-gains tax due on the sale of the property. Generally, you can deduct these gifts for up to 30 percent of your adjusted gross income.
For information and a copy of IRS form 8283 for non-cash charitable contributions, visit .
To learn more about different methods of giving ranging from life insurance and real-estate to bequests, trusts and annuities, contact us.
For more information about the tax implications of charitable giving, please consult the following web sites:
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