Two Special Opportunities to Make Generous Year-end Gifts ECFA Encourages Donors to Take Advantage of Appreciated Securities and Charitable IRA Rollover WINCHESTER, Va. – ECFA (Evangelical Co uncil for Financial Accountability) (ecfa.org) is encouraging donors to churches and other faith-based nonprofits to take advantage of two special opportunities this December to give generously to charities while also keeping their 2014 taxes lower. The first opportunity involves long-held appreciated securities, while the second relates to the so-called “charitable IRA rollover.” With the stock market recording 49 record highs th is year, many taxpayers’ securities have appreciated significantly. Giving appreciated securities held long -term — at least a year and a day — to a qualified charity gives taxpayers a Schedule A charitable deduction for the market value of the stock. Additionally, neither the taxpayer nor the charity have to pay capital gains taxes when the stock is sold. That combination can result in a bigger deduction for the donor and a larger gift for the charity. Secondly, Congress recently approved a bill reinstating the charitable IRA rollover, which President Obama indicated he will sign into law. Givers will only have until Dec. 31 to take advantage of this temporary provision. Under the law, taxpayers age 70-1/2 or older can give up to $100,000 from their IRAs or Roth IRAs to qualifying charities without having to pay income tax in 2014 on the withdrawn amount. “Time is of the essence for these special giving oppo rtunities,” said Dan Busby, president of ECFA. “Generous gifts of appreciated stock or charitable IRA rollovers can make a significant difference for the many worthy ministries striving to be good stewards of their resources.” To make your end-of-year stock or IRA / Roth gift to Faith and Action, contact Patty Bills at 202-734-8732
Posted on: Fri, 19 Dec 2014 19:13:09 +0000
Trending Topics
Recently Viewed Topics
© 2015