A Tax-Wise Opportunity to Maximize Year-End Giving
It’s the season of generosity! It’s as much of a family tradition as pumpkin pie, mistletoe, and New Year’s countdowns. For many friends of the Beacon Hill Foundation, generosity is the heart and soul of their final months of the year. Are you considering a year-end gift to meet the physical, social, and spiritual needs of the Beacon Hill at Eastgate resident community? There are several tax-wise strategies to multiply the impact of your generosity, while minimizing your costs and stress.
Give Stock, Real Estate or Other Non-Cash Assets
If you own stock, real estate or other non-cash assets, you have a smart option to give in a substantial way without restricting your cash flow. You will receive a fair market value deduction at the time of your gift, and you’ll also eliminate the tax bill you would have faced by selling.
When you give appreciated stock, you gain three personal benefits:
- Give without restricting your cash flow,
- Receive a fair market value deduction at the time of your gift, AND
- Avoid taxes on the sale of stock.
What’s my deadline to give?
Whenever possible, build in extra margin for your gifts to be given, received, and processed well before December 31.
- Gifts of cash must be delivered in-person or mailed in an envelope postmarked no later than December 31, 2023.
- Gifts of non-cash assets (such as stock, real estate, business interests and commodities) must be transferred by December 31, 2023.
Questions? Want to learn more? We’d love to help you identify the best end-of-the-year giving strategies for your goals and situation! Contact Andi Allen, Foundation Director, today to begin the conversation by calling 616-608-8285 or emailing email@example.com