A gift of cash made by check provides an immediate tax deduction for the donor and is fully deductible according to law.

Gifts of appreciated securities, owned for at least a year and one day, are deductible at fair market value on the day they are transferred. Ownership of the securities must be transferred prior to sale to qualify for the fair market value deduction and to avoid capital gains taxes on the appreciation.

A gift of real estate, land, vacation home or personal residence, stock in a closely held company, or collections or works of art are eligible for the same tax benefits as gifts of securities, provided the donor has owned the property for at least a year and one day. An appraisal is required to establish the fair market value of the gift for tax purposes.