Feeling Generous? Make Sure Your Gifts Are Completed by Year-End

Title:
Feeling Generous? Make Sure Your Gifts Are Completed by Year-End
Publication:
Tax and Trusts & Estates UPDATE
Practice:

In order to receive a 2008 income tax deduction for charitable contributions, you must complete those contributions by the end of the year. Moreover, if you are planning on using the $12,000 per year/per recipient annual gift exclusion in 2008 for non-charitable gifts, you must also complete those gifts by December 31st.

Generally, a gift is completed in the year when it is unconditionally delivered to the donee or the donee's agent or when the actual payment is made. On the other hand, a gift that is subject to conditions may not amount to a completed gift at all.