A gift of cash may be eligible for income tax deductions as prescribed by current law. Your cash gift may be by check, credit card or electronic funds transfer, which authorizes the automatic transfer of funds each month from your checking or savings account. Pledging a gift over several years may allow you to increase its size and effect, while adjusting the timing and amount of each payment to optimize your tax position.
A gift of publicly-traded stock, bonds or mutual fund shares is eligible to be matched and may provide you with additional tax benefits, as you will not pay capital gains tax on the appreciation in the value of the securities.
GIFTS OF IRA
Individuals who have reached age 70½ may contribute up to $100,000 directly from their Individual Retirement Account (IRA), without having to recognize the IRA distribution as taxable income. If married, each spouse can transfer up to $100,000 from his or her IRA each year.
Gifts of grain or livestock may provide significant income tax savings to a producer.