Gifts of Cash

If you want to make a gift today and maximize your charitable deduction, you’ll surely want to consider a cash gift. Cash is the simplest donation and provides immediate benefits. Your gift can be made outright or fund many of our life income arrangements. Gifts of cash include currency, personal checks, money orders, credit cards and wire transfers.

Are there benefits to using cash to fund a charitable gift?

Yes. First, you are entitled to a charitable income tax deduction. Second, this deduction counts against a larger portion of your taxable income than with a gift of appreciated assets. Here’s why: The IRS allows you to claim charitable deductions for gifts of cash up to 50% of your adjusted gross income but only up to 30% for gifts of appreciated assets.

What if I like the security of having cash on hand?

Your gift can be used to fund a life income arrangement. Life income arrangements are charitable gifts in which you receive an income in return for a gift, either for your lifetime or a term of years.

For more information, e-mail Elizabeth Ganocy at ganocye@redcross-cleveland.org or call 216.431.3216 so that we can assist you through every step of the process.