Holiday Tax-savvy Year-end Giving Strategy
SWEET BRIAR COLLEGE
Tips for Tax-savvy Year-end Holiday Giving:
Save Taxes and Strengthen Sweet Briar College
Why not consider a tax-savvy gift to Sweet Briar College in memory or in honor of someone you love? If this was one of your 2014 resolutions, you still have time to achieve it!
Gifts of Cash
Cash gifts are deductible up to 50% of your adjusted gross income, provided you itemize your deductions on your tax return. The deduction may be carried forward for five years.
Gifts of Appreciated Stock, Real Estate, Tangibles, or Business Interests
By making a gift of long-term appreciated property, you can save income taxes twice. First, you save by receiving a charitable deduction for the current value of the gift. Second, you save by eliminating the payment of the increased capital gains tax on the property’s increased value. These gifts are deductible up to 30% of your adjusted gross income, a deduction which may be carried forward for five years.
Charitable IRA Rollover Gift: Stay Tuned!
Though not currently available, Congress may approve the Charitable IRA Rollover for 2014 in the next few weeks. Stay tuned! This gift provides a way for those age 70 ½ or older to transfer up to $100,000 tax-free from an IRA directly to Sweet Briar College. This gift also provides a way to avoid the required minimum distribution by directing it to Sweet Briar College.
Gifts that Provide Increased Income for Life
A life income gift such as a Charitable Remainder Trust or a Charitable Gift Annuity allows you to give to Sweet Briar College and provides a current tax deduction as well as retirement income. These gifts increase your retirement income; save income, capital gains, and estate taxes; and benefit Sweet Briar College.
Gifts of Home or Farm
You can give your residence or farm to Sweet Briar College now and keep the use of the property during your own and another’s lifetime. You receive a current income tax deduction for your future gift to Sweet Briar College and save income tax now.
For more information on these tax-savvy gifts, please call Margie Lippard, director of major and planned giving, at (434) 381-6131, or (888) 846-5722, or email her at [email protected].