Year End Gift Ideas
While a year-end donation to Blue Lake Fine Arts Camp helps to further our organization’s mission and goals, it also provides great tax benefits for those who give. The bonus of making a charitable donation is that you give and receive at the same time. Here are a few things to consider:
A gift to Blue Lake Fine Arts Camp may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. Check with your tax advisor to determine what is best for you.
Gifts-In-Kind: If you contribute property owned for more than one year, the value of the deduction is typically equal to the property's fair market value. You have an advantage when you contribute appreciated property because you get a deduction for the full fair-market value of the property. You are not taxed on any of the appreciation, so, in effect, you receive a deduction for an amount that you did not need to report as income.
The IRA charitable rollover offers tax benefits for those that qualify. The IRA Charitable Rollover allows individuals who are 70 1/2 years old to donate up to $100,000 to charitable organizations directly from their IRA, without that donation being counted as taxable income when it is withdrawn. To qualify, contributions must come from a traditional IRA or Roth IRA, and they must be made directly to a qualified charitable organization. Additionally, the donor may not receive goods or services in exchange for the donation, and they must retain a receipt from each charity to which a donation is made.
Please contact us if you are considering donations related to:
- A Bequest
- A Gift of Real Estate
- A Gift of Stock
- A Gift of Life Insurance
- A Gift-In-Kind (property)
For further information:
We would be pleased to provide you, your attorney, your accountant or your tax advisor with general information and assistance. Contact your own professional tax advisor to learn how this general information relates to your individual circumstances. Thank you for your interest and support. For additional information, contact Dave Myers, Vice President for Development at firstname.lastname@example.org.