Giving and Tax Benefits
Great tax benefits exist for those who give. Here are some of the gifts and associated benefits you should know about.
Donate your home, farm or a second home to Morris Hospital and receive an immediate income tax charitable deduction, while retaining the right to live in your home for the rest of your life. If you itemize your deductions instead of taking the standard deduction you could save significant income taxes. If you cannot use your entire deduction in the year of your gift, you may carry forward all unused deduction for up to five additional years if you are able to itemize in each of those years.
Receive immediate cash and make a gift to Morris Hospital Foundation by selling to us a valuable asset, such as real estate, for less than it is worth.
A donor-advised fund can provide you with immediate tax benefits while making your charitable giving easier for years to come. Might a donor-advised fund be right for you? Here’s how it works.