But such giving also has tangible personal benefits for you. Here are summaries of several methods of giving and descriptions of key features to help you decide which is best for you. This is the simplest way to give, but it's a good idea to know the basic rules. You can deduct a cash gift for income tax purposes only in the year in which you pay it. A pledge or promissory note isn't deductible until it's paid.
Any excess is deductible over the next five years.
If you want to give us securities on which you have a loss, consider selling them instead and donating the proceeds to us. You will then have a loss deduction in addition to the charitable deduction. Maybe you'd like to contribute an art object, prize collection, or antiques. Such tangible personal property is subject to special IRS rules. Let's assume that years ago you acquired an important painting that would now generate long-term capital gains if sold.