Tax-wise and Legacy Giving Tips.
Thank you for considering a planned gift to support the mission of the Independence Pass Foundation.
There are many ways to give besides writing a check. Stocks, real estate, IRA distributions, and bequests are just some of the ways of giving that may offer significant tax advantages.
Stocks:
A gift of appreciated stock held for more than one year has a major advantage over a gift of cash—it lets you avoid the capital gains tax you would have paid if you sold the stock. If you itemize, you can deduct the full value of the gift, even though the appreciation has never been taxed. And when IPF sells the stock, we keep all the proceeds since we are tax exempt.
Real estate:
Similarly, you can deduct the full fair market value of appreciated real estate while avoiding any capital gains tax on the appreciation.
IRA distribution:
If you are over 70 1/2, a good option is an IRA Qualified Charitable Distribution, which allows you to direct some or all of your Required Minimum Distribution to us, and have that distribution excluded from your income for federal tax purposes—up to $100,000 per year for this favorable tax treatment.
Bequests:
Gifts made through your will allow you to leave a lasting legacy, while retaining full use of your property during your lifetime, so there are no immediate costs or impacts to lifestyle. Furthermore, you can designate how your gift will be used: for an existing program, for example, or to support our overall mission. Wills also allow flexibility in what you choose to leave: a specific sum of money, a specific asset, a remainder of your estate, etc. And you can of course change your bequest at any time.
Disclaimer:
The information above is for informational purposes only, and does not constitute legal, tax, or other professional advice—consult your advisors before making a planned gift to IPF.
Please contact Executive Director Karin Teague to discuss any of the above. It will be our pleasure to work with you and your advisors.
Thank you for your support!
The Independence Pass Foundation is a 501 (c) (3) non-profit organization.
Donations are tax-deductible in accordance with IRS regulations.
Tax ID Number 84-1133782.