A taxpayer who gives an appreciated asset, such as securities, avoids the capital gains tax otherwise due if the asset had been sold. If you itemize, you are entitled to a charitable deduction for the full fair market value of your gift, provided you have owned the securities for more than 12 months. By donating such items as valuable collections, works of art, and other tangible personal property during your lifetime, you may not only reduce your taxable estate but also reduce your taxable income in the year of the gift. For a gift of tangible personal property, you are entitled to an income tax charitable deduction amounting to the property's full, fair market value, provided the use of the object is directly related to SNU's tax-exempt purpose. If the property cannot be used directly by SNU, the tax deduction is the lesser of the property's original cost or the fair market value.
Most people automatically think of giving cash.
Many SNU alumni and friends have discovered the advantages of giving other types of assets. In most cases, gifts of this type offer attractive tax advantages and allow you to retain a lifetime income for you or someone you designate. Below are some of the many ways that you and Southern Nazarene University may benefit from your generosity. The University welcomes all bequests, regardless how small or large. The value of a bequest to SNU is deductible for estate tax purposes, and there is no limit on the amount of the deduction.