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DISCOVER THE BENEFITS OF GIVING WISELY



Tips for Year End Giving | 11-Nov-2016

What to do in order to ensure you can claim a charitable deduction for 2016:

  • For donations of cash (including checks), your donation must be either postmarked or personally delivered to the not-for-profit organization on or before December 31.
  • For donations of stock, your stock must be transferred out of your account on or before December 31.
  • For donations via credit card, your credit card donation must be processed on or before December 31.

Donating long-term appreciated securities can provide additional tax benefits

  • When you donate long-term appreciated securities, you can claim a charitable income tax deduction for the fair market value of the securities on the date of transfer, no matter what you originally paid for them.
  • You pay no capital gains tax on the transfer.

If you would like to make a donation of stock please contact Lisa Stanger, Executive Director of the Jewish Foundation (203-387-2424, x382; lstanger@jewishnewhaven.org) for the Foundation’s stock account information.

For example, if the securities originally cost $2,000 and now have a fair market value of $10,000, you do not pay tax on the $8,000 gain and you may claim a charitable income tax deduction for $10,000.

How do gifts of cash and securities compare?

 
  Cash

Securities

Gift Amount

 $10,000 $10,000
 Initial Cost Basis of Securities/Appreciation
 Not Applicable
$2000/$8000
 Capital Gains Tax Saved or Paid -
Assuming 20% Rate*
 Not Applicable
$1600
 Ordinary Income Tax Savings
(35% tax bracket x value of gift)**
 $3,500  $3,500
 Net Tax Savings
(ordinary income + capital gain)
 $3,500  $5,100
 

*Please note: A different tax rate may apply to you and, accordingly, the charitable benefit you receive may vary. 

**Gifts of securities may be deductible up to 30% of your adjusted gross income, however, excess deductible amounts may be carried forward for five years. Please consult with your own professional to determine your specific situation.

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