Year-End Giving Doesn’t Always Mean Writing a Check
Did you know that you can extend your support to us without affecting your current finances and still save on taxes? It’s true. Consider these tax-advantaged gifts that could benefit you and our organization:
Give Appreciated Securities
Many people have seen their investments grow significantly but selling appreciated shares triggers taxation that can exceed 20 percent of the capital gain. By transferring them instead directly to us, your charitable deduction is for the full market value of the shares and there is no tax on the gain. You will receive a tax break for income on which you never paid taxes!
Make a Charitable IRA Rollover Gift
If you are over 70 ½, using your IRA can be a tax-smart way to make a charitable gift. Ask your administrator for a form to initiate the direct transfer of funds to our organization. You can transfer up to a total of $100,000 per person and it will not be added to your taxable income, unlike a withdrawal. The gift amount can count against your required minimum distribution, if you have not already taken it this year.
Create a Life Income Gift
You can make a gift, receive fixed payments for life, and qualify for a tax deduction. Advantages of creating a charitable gift annuity by year-end are:
- A charitable deduction for income tax purposes, if you itemize your taxes for 2019.
- For a period of time, a portion of your income payments is tax-free.
- Any applicable capital gains tax is reportable over your life expectancy.
For questions or more information, contact our Philanthropy Manager at 791-8084 or development@NavianHawaii.org.