Cash Gifts

A gift of cash is the most common form of contribution to Peter & Paul Community Services. A gift of cash is easy to do, and the gift is not subject to gift or estate taxation. A contribution postmarked in December is deductible for that tax year even if PPCS receives it in January, provided the account against which the check was written had sufficient funds to cover it in December.

Gifts of cash are fully deductible up to 50% of your adjusted gross income (AGI). If the cash gift is large enough to exceed 50% of your AGI in the year of the gift, the remaining amount of the gift may be carried over and used as a deduction for up to 50% of your AGI until the gift amount is exhausted or up to five years, whichever comes first. The gift amount is removed from your estate.

Example: Mrs. Smith's adjusted gross income is $50,000 this year, and she contributes $35,000 to Peter & Paul Community Services. She may deduct $25,000 this year and carry forward $10,000 to deduct next year.