Cash gifts are the easiest gifts to value for tax purposes, and they are deductible in the year given.
Credit card donations are a convenient way for donors to make a contribution. For tax purposes, a credit card donation is deductible in the year the charge is made. Please note, however, that a percentage of your gift goes to the credit card company rather than TCNJ.
Many corporations will match donations their employees make to educational institutions. Matching gifts from an employer can double or even triple your gift. The TCNJ Foundation has a list of companies that have matching gift plans and will work to insure that company requirements are met.
Bank Drafts and Wire Transfers
Bank drafts offer another convenient way to make a contribution. Donors may make these contributions monthly by authorizing the TCNJ Foundation to have a specified amount automatically deducted from their checking accounts.
Securities, including stocks and bonds, may be used to make a gift to The College of New Jersey, often with a minimal amount of out-of-pocket cost. The donor can compute the income tax deduction using the average value of the securities on the date of the gift. The amount of the deduction is based on the asset’s current value rather than the donor’s actual cost of acquiring the securities. The method for transferring securities differs depending on how the securities are held.
Real Estate Gifts
Real estate gifts entitle the donor to the same tax benefits as gifts of cash or securities, provided the real estate has been owned more than one year and there are no debts payable on the property. These gifts also generate substantial estate tax savings by removing a typically high-value asset from the donor’s estate, which reduces the taxes that may eventually have to be paid on the estate. Real estate gifts are subject to acceptance by the TCNJ Foundation board of directors.
Personal Property Gifts
Personal property gifts, such as objects of art, jewelry, rare books, or collections generally can be deducted at the asset’s current fair market value provided the property has been owned for more than one year and can be used by a college, unit or program at The College of New Jersey. The Internal Revenue Service requires appraisals of items valued at $5,000 or more. Although The College of New Jersey may keep these items for use in its learning, research or service programs, in some instances it sells them, using the proceeds to further one of its core missions.