Gifts of cash

Gifts of cash

A simple gift with tax benefits

Are you looking for an easy way to support IU that provides you with an income tax deduction? Cash gifts are fast and make an immediate impact at IU. Your gift qualifies for an income tax deduction, which you can use if you itemize. This may be the best option if you received extra cash this year (say, from a bonus or inheritance).

The term “cash” describes a few ways to give. If you want to secure a charitable income tax deduction this year, pay attention to the timing of your gift:

  • Cash: Give by December 31
  • Check: Postmarked by December 31
  • Credit card: Appear on your statement by December 31

See it in action

Jonah received a modest inheritance from a relative. Since he already planned to make a gift to Indiana University this year in almost exactly the amount of the inheritance, it was very simple to make an online donation of that inheritance money. We sent Jonah the proper acknowledgment of his gift, which he used to secure an income tax deduction when he itemized.

The best gift isn’t always the easiest

While a cash gift makes the same impact at IU as other types of gifts, you shouldn’t choose this option purely out of convenience. Other types of gifts can provide you with various tax and planning benefits that may be worth exploring.