Outright gifts can take the form of cash or cash equivalents such as checks, money orders, credit cards, electronic fund transfers or any similar negotiable instrument. An individual need only make a gift to the charity of his or her choice during their life and receive an income tax deduction as allowed by the IRS. Outright gifts can also take the form of stocks, bonds, mutual funds, marketable art, jewelry and collectibles. Generally, when an appreciated non-cash asset is sold tax is due on any capital gain. One way to avoid or delay the capital gain tax is to make a charitable gift of the asset.