Federal Income Tax
Taxpayers are generally permitted to deduct contributions to qualified charitable institutions: Up to 50% of their adjusted gross income each year for gifts of cash, and 30% for gifts of appreciated property held for more than one year. If a gift plan would result in more than this amount being deducted in any given year, the excess could be deducted over the following five tax years.
Your financial advisor can counsel you as to special limitations and exceptions that may apply to gifts of property other than cash. You may also accrue other benefits from state income tax savings.
Long-Term Capital Gains—Special Giving Opportunities
Under federal income tax law and the laws of many states, property that has increased in value and has been held by a donor for at least one year may be deductible at full value rather than at the property’s original cost. The result is freedom from capital gains tax, which can help you make a larger gift than might otherwise be possible.
Federal Estate Tax
Your assets may be subject to federal estate taxes at death. Through careful planning, you may be able to pass much, if not all, of your property free of federal estate taxes.
Many of the gift planning opportunities featured in this brochure can make it possible for you to greatly reduce or even eliminate estate and gift taxes.
Members of the Museum’s Professional Advisory Committee will be pleased to work with you and your advisors to explore the ways in which you may wish to take advantage of these gift planning opportunities.