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Now is a great time to give to the Davie Community Foundation.
“If you are considering a year-end gift to a charity, here are a couple of ways to give that have significant tax advantages for you,” said Jane Simpson, foundation president and CEO. “As always, you should talk with your personal tax advisor to be sure these options work well in your situation.”
Give long-term appreciated shares to any fund at the foundation (securities must be held for over a year before donation). If the amount is larger than $5,000, the donor can open a new named fund.
“Now is a great time to consider it. The market has had significant returns of late and we know they won’t last,” Simpson said.
If you gift appreciated stocks to the foundation, you get a charitable deduction for the total value of the stock, fair market value, on the day you gift it. Since the foundation sells the shares, instead of you, there is no capital gains tax. You receive a larger tax deduction, and the foundation receives a larger gift than if you had written a check.
For those who have appreciated stocks, donating is usually a simple process through the brokerage account, with minimal paperwork. “It is surprisingly easy to take advantage of this tax-savvy giving technique and the timing is right while the market is up,” Simpson said.
A Qualified Charitable Distribution (“QCD”) is another way to give to the foundation if you are over the age of 70 ½. Direct gifts up to $105,000 from an IRA in one year. All funds are eligible to receive IRA gifts except donor advised funds. “From a tax perspective this may be even better than the old strategy of itemizing deductions because direct IRA contributions will not be added to income. They are not income nor are they a charitable deduction,” she said.
If you’re subject to the rules for Required Minimum Distributions (RMDs), Qualified Charitable Distributions can count toward those RMDs. All funds are eligible to receive IRA gifts except donor advised funds.
For more information, visit www.daviefoundation.org or contact Simpson at 336-753-6903, jsimpson@daviefoundation.org.