Cash - usually in the form
of a check - is probably the most common and popular
type of gift. Generally, checks are made payable
to the the Surfrider Foundation.” When you itemize
your deductions, your gifts of cash may be deducted on
your federal income tax return. Amounts up to 50 percent
of your adjusted gross income may be deducted; any excess
can be deducted over the next five years. Your actual
savings depend on your tax rate and other factors. Usually,
the higher your tax rate, the greater your savings. Gifts
of cash are completed when delivered or mailed.
|
