A pledge to make a gift, however, may not be deducted until the year in which actual payment is made. If you itemize deductions, such a gift would entitle you to a federal income tax deduction for the full fair market value of the securities on the date of the gift, up to 30 percent of your adjusted gross income for the year. By doing so, you will receive the maximum tax benefits from the gift. Many of the tax advantages which apply to gifts of appreciated securities also apply to gifts of appreciated real property. For tax purposes, the date of the gift is the date of physical delivery, and the value is the item's fair market value on that date as determined by a competent appraiser.
Appraisals are the donor's responsibility.
Your personal gift to the College can be doubled or tripled by a corporate match. Consult your company's human resources department for guidelines. If you are an owner or CEO of a business, you might wish to consider making a corporate gift through which you may derive federal tax benefits. To make such a gift, you would name Tusculum College irrevocable beneficiary of a life insurance policy, then deliver and assign ownership of the policy to Tusculum College. When you pay the annual premium, you will be entitled to a deduction of the amount of the premium, if you itemize.