Areas of Need

Future Gifts

3 Small Moves That Can Pay Off at Year-End

Follow these innovative year-end giving ideas to reduce your potential tax hit or even boost your income this year while getting a tax break.

1. Giving and Receiving
When you make a gift to the University of Minnesota Foundation, you not only make a difference in the lives of others, but you also are eligible for a tax deduction when you itemize. Writing off the amount you're donating results in lower taxable income to you.

2. Getting Income From Your Gift
Would you like a steady income flow now? Consider setting up a life income gift to benefit the University of Minnesota Foundation. You or someone else you name can receive income for the rest of your life in exchange for your gift of cash or securities, or possibly real estate. Plus, you get a partial charitable tax deduction the year you make the gift. Once the payment period ends—or you or your beneficiary passes on—the remaining assets go to us.

3. Using Tax-Smart Strategies to Make Gifts
Donate appreciated property. If you give us property you have owned for more than a year, you can write off the amount of the asset's full value on the day you make the gift, and you won't owe tax on its appreciation.

Sell property that's valued below your original purchase price and donate the cash to us. You can take a capital loss to the extent allowed by law, and receive a charitable deduction for the cash gift, reducing your taxable income.

Knowing this information can help you decide the best moves for you to make now, before timing becomes an issue. Contact us at 612-624-3333 or 800-775-2187 or plgiving@umn.edu to learn more.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.