Current Gifts
Sharon: Years ago, I inherited stock from my grandmother. Earlier this year, we decided to sell some of the stock. After we sold the stock, our CPA told us we would need to pay capital gains of nearly $120,000 from the sale.
Jim: That came as kind of a shock. Our CPA started to talk about ways we could offset the capital gains tax bill. We told him we were planning on making charitable gifts. Our CPA advised us that if we gave some of the remaining stock before the end of the year, we could receive a charitable deduction that would help offset the capital gains tax on the stock we sold.
Sharon: We contacted the Catholic Foundation of Eastern Montana to discuss the best way to make a gift of stock. They explained the process and provided us with instructions that allowed our broker to directly transfer stock from our account to the Foundation's brokerage account. We designated our gift for the endowment for the Catholic high school, for our local parish and for the Priest Retirement Endowment (in honor of two very special priests).
Jim: That is what we decided to do. By transferring $80,000 in stock outright to the Foundation, we received two benefits. First, we avoided a large capital gains tax on that stock, and second, we received a charitable deduction. The deduction even offset all of the capital gains from the stock sale. We are seriously happy with the double benefits of our gift. And, also that we were able to make a significant gift that will help the Church forever.
Jim: That came as kind of a shock. Our CPA started to talk about ways we could offset the capital gains tax bill. We told him we were planning on making charitable gifts. Our CPA advised us that if we gave some of the remaining stock before the end of the year, we could receive a charitable deduction that would help offset the capital gains tax on the stock we sold.
Sharon: We contacted the Catholic Foundation of Eastern Montana to discuss the best way to make a gift of stock. They explained the process and provided us with instructions that allowed our broker to directly transfer stock from our account to the Foundation's brokerage account. We designated our gift for the endowment for the Catholic high school, for our local parish and for the Priest Retirement Endowment (in honor of two very special priests).
Jim: That is what we decided to do. By transferring $80,000 in stock outright to the Foundation, we received two benefits. First, we avoided a large capital gains tax on that stock, and second, we received a charitable deduction. The deduction even offset all of the capital gains from the stock sale. We are seriously happy with the double benefits of our gift. And, also that we were able to make a significant gift that will help the Church forever.
Is a current gift right for you?
Making year-end charitable gifts, especially with highly appreciated property such as real estate and stocks, can be an excellent strategy to reduce your tax bill.
Please contact us if you think you have assets that would make a nice gift to benefit the Church. We would be happy to work with you to structure a gift that meets your needs.
*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization. Since your benefits may be different, you may want to click here to view a color example of your benefits.
