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As the year-end giving season approaches, many of our friends and donors begin to think about how they can best support the causes they care about most—including our mission. While the main motivation for many charitable gifts is a genuine desire to share one’s good fortune for the benefit of others, an added bonus is the opportunity to receive a charitable tax deduction.
To ensure a gift is made in the most tax-wise way, it is important to be aware of the many nuances of the IRS rules for delivery of philanthropic gifts. The delivery date is important because an income-tax charitable deduction can be claimed only after the gift is “delivered” to a charitable organization.
For example, a check sent through the U.S. Postal Service is considered to be delivered on the postmark date (also known as the Mailbox Rule). However, if that same check is sent through one of the commercial overnight delivery services (UPS, FedEx, etc.), it is considered to be delivered when the envelope arrives at the organization’s office.
Here are a few other examples of how the IRS delivery rules work for certain gifts:
We would be happy to discuss your giving options to support our work and to offer our assistance in helping you and your financial advisors meet the year-end deadline.
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Miss Porter’s School admits qualified students of any race, color, religious affiliation, national and ethnic origin, ancestry, mental or physical disability, or sexual orientation to all the rights, privileges, programs, and activities generally accorded or made available to students at the School. The School does not discriminate on the basis of race, color, religious affiliation, national and ethnic origin, ancestry, mental or physical disability, or sexual orientation or any other status protected by applicable law in the administration of its educational policies, admissions and financial aid policies, and athletic or other school administered programs.
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