Tax Advantages of Gifts
to Union University

Note: 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.

Tax Implications of Charitable Gifts

• Federal Tax Deduction

• Non-Cash Gifts

• More Information

Federal Tax Deduction
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.

Non-Cash Gifts
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 http://www.irs.gov/forms_pubs/forms.html.

To learn more about different methods of giving ranging from life insurance and real-estate to bequests, trusts and annuities, contact:

Paul S. Veazey
Director of Planned Giving
Union University
1050 Union University Drive
Jackson, TN 38305
731 661-5217
pveazey@uu.edu

More information
For more information about the tax implications of charitable giving, please consult the following web sites:

• http://www.kiplinger.com/
• http://www.money.com/money/
• http://moneycentral.msn.com/tax/home.asp
• http://www.intuit.com/turbotax/taxcenter/billidx.html
• http://www.hrblock.com/
• http://www.fairmark.com
• http://www.dtonline.com
• http://www.irs.gov
• http://www.quicken.com/taxes
• http://www.smartmoney.com/ac/tax
• http://www.taxsites.com
• http://www.taxprophet.com

Join us as we educate our students to be mature in spirit, competent in their academic discipline, Christian in world view, equipped for ministry, and ready for and leadership. Make a gift to Union University today