Ways to Give
A simple way to make a donation, cash gifts are fully deductible up to 50 percent of the your adjusted gross income in any one year. Deduction amounts exceeding this limit may be carried forward for up to five additional years.
Stocks, Bonds and Mutual Funds
Gifts of appreciated stocks, bonds and mutual funds are often the most tax wise way for you to give. If held for more than one year, your charitable contribution is the fair market value of the stocks, bonds or mutual funds, and is deductible up to 30 percent of your adjusted gross income. As with gifts of cash, deduction amounts exceeding this limit may be carried forward for up to five additional years. An added benefit of giving appreciated securities is the avoidance of the capital gains tax on the appreciated portion of the gift.
Do you own a life insurance policy that you no longer need? By naming the Community Foundations as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction for the policy’s cash value. If you are still making premium payments to keep the policy current, they may also qualify for a deduction. You may also keep ownership of the insurance policy and name the Community Foundations and/or a fund as the beneficiary (see below).
Closely Held Stock
Donating the closely held stock of your business to the Community Foundations offers you a charitable deduction for the appraised fair market value and an avoidance of capital gains tax.
Whether it is a home, building or land, we can help you turn this asset into a charitable gift. If held for more than one year, real estate usually provides the same tax benefits as gifts of securities.