Gifts of Cash
A gift of cash represents the simplest, most direct and most popular form of charitable donation. Gifts of cash include personal checks, money orders, credit cards and wire transfers.
A cash gift is fully deductible for up to 50% of a donor’s adjusted gross income. Any amount donated in excess of the 50% limit can be carried over and deducted for up to five years.
Gifts of Securities and Real Estate
Securities (e.g., stocks and bonds) and Real Estate are popular alternatives to gifts of cash and generate a double tax benefit. In addition to receiving a charitable income tax deduction for the full fair market value of the property, the donor escapes any potential tax on the capital gain element in the property if owned more than one year.
Gifts of appreciated property are deductible up to 30% of a donor’s adjusted gross income and can be carried over and deducted for up to five years.
Gifts of Tangible Personal Property
LeMay – AMERICA'S CAR MUSEUM® accepts donations of automobiles, motorcycles and trucks both as additions to the permanent collection as well as for resale to support the campaign. Donations of other property such as works of art, books or other collectables may be tax deductible if they meet a “related use” test. Long term tangible property is defined as property owned more than one year.
If the use of the property is related to the exempt purposes of the Museum, the donor is entitled to a charitable deduction equal to the full fair market value up to 30% of the donor’s adjusted gross income and can be carried over and deducted for up to five years.
If the use of the contributed property is unrelated to our tax exempt purposes, the donor is entitled to a deduction only for the cost basis in the property.