Tax Benefits
Material on this page comes from the University's gift information web page: http://www.giving.umich.edu/howto/index.html
Your gift may provide you with federal and state income tax benefits:
If you itemize deductions on your federal income tax return, you may be able to deduct your contribution to U-M from your adjusted gross income. In addition, gifts of appreciated property avoid long term capital gains tax. Check with your tax advisor for deduction and capital gains tax requirements and limitations for your situation.
Your state may also allow a credit or deduction. For example, Michigan residents may take a credit against state tax of 50 cents for each dollar of their gift to U-M, with a maximum tax credit of $100 for taxpayers filing singly or $200 on a joint return.
