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
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
Institutional Advancement at Union University
1050 Union University Drive, Box 1817, Jackson, TN 38305
phone: 731-661-5963 | 1-800-33-UNION (1-800-338-6644)