Spartanburg Christian Community Foundation

The simplest method of giving is an outright gift of cash. You can deduct the gift amount from your federal income tax return up to 50 percent of your adjusted gross income. If the gift total exceeds the gift ceiling for one year, you can carry over the remaining deduction for up to five succeeding tax years until the gift is exhausted.

Consider the following example. “Mrs. Jones” has $60,000 adjusted gross income this year. She contributes $40,000 to SCCF. She can deduct $30,000 this year ($60,000 adjusted gross income x 50 percent). The remaining $10,000 can be deducted the next year because of the carry-over provision (assuming her adjusted gross income is $20,000 or more.) So the total gift is fully deductible.

Those who establish personal funds in SCCF during their lifetime receive one priceless benefit: the joy of watching their dollars at work in life-changing ministries. An outright gift accomplishes two important tax objectives for you:
1) an income tax charitable deduction in the year of the gift and
2) the reduction of your gross estate for future estate tax purposes. In addition, you eliminate the capital gains tax on gifts of appreciated property. Outright gifts include cash, securities, tangible personal property, or real estate.