Almost all charitable gifts offer some income tax savings. A cash gift offers the most straightforward savings, up to 50% of your adjusted gross income, and you may carry over a larger gift for up to five years of tax savings. There are other arrangements, however, that may be better suited to your situation and offer excellent income tax benefits, too.
A charitable gift annuity or a charitable trust can offer current and future income tax savings. Usually, the initial gift will qualify for an income tax deduction, and a portion of the payments will be tax-free (Learn more about charitable gift annuities and other gifts that pay you back.) One popular option is to make a gift and take an immediate income tax deduction while deferring payments until you will want supplemental income. This generally gives you a higher annual payout as well.
Under some circumstances, gifts of life insurance, stock or real estate can also offer income tax savings. These can be more complicated arrangements, and we encourage you or your professional advisor to contact the Rescue Mission directly at (510) 215-4889 or to discuss the best option for you.