How Specific Gifts Provide Tax Relief

By making a cash gift to Morris Arts, you can reduce your future estate taxes and benefit from a current year tax deduction.

A gift of appreciated securities (stocks, bonds, mutual funds) is a popular alternative to a cash gift because it actually saves taxes twice. You receive a charitable income tax deduction for the full fair market value of your securities (if you’ve held them for more than one year) plus you also save the capital gains tax on the appreciation.

Personal Property
If you donate a valuable collection or item such as a work of art, jewelry, etc. that can be used by Morris Arts because of its related use to our mission, you can take a charitable income tax deduction for the full fair market value and reduce future estate taxes.

Real Estate
Donating property such as houses and land to Morris Arts can reduce or eliminate capital gains tax and avoid the need to sell the real estate. By donating property, you can take an income tax deduction based on the full appraisal value of the real estate.

Retirement Accounts:  IRA, 401(k), 403(b)
Naming Morris Arts as the sole or partial beneficiary of an IRA, 401(k), or 403(b) can reduce or eliminate paying income and estate taxes on these highly taxed assets and may therefore increase the amount of your estate passing to your heirs.

Life Insurance
Transfer ownership of Life Insurance you no longer require to Morris Arts or naming us the beneficiary or partial beneficiary of your policy allows you to make a substantial legacy gift for a relatively modest cash outlay. You’ll receive an income tax deduction for the cash value of the policy as well as a deduction for any future premiums paid.

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