I grew up in a Dutch family where we always appreciated getting the most bang for the buck. I’m sure many of you can relate!
If you’re looking to stretch your dollars through charitable giving, consider these savvy, tax-wise ways to support Sunset Senior Communities.
Give Appreciated Stock
If you’ve owned stock for at least a year, you can receive a double tax benefit by donating it to Sunset Senior Communities. Not only will you receive a tax deduction for the stock’s fair market value, but you’ll also avoid paying capital gains tax.
Give Real Estate
If you have real estate that’s increased in value and you no longer need it, consider gifting all or a portion of it prior to sale. By doing so, you can bypass the capital gain and receive a charitable deduction.
Give From an IRA
If you are 70 ½ years or older, you can make tax-free distributions from your IRA (individual retirement account), up to a maximum of $100,000 per year. These gifts count toward your annual required minimum distribution, and none of the IRA distributions will be included in your adjusted gross income.
Give Farm Machinery and Commodities
Farmers can realize big tax savings by gifting machinery and commodities – such as grains, soybeans, fruit, and even livestock – before they are sold. You’ll reduce your taxable income, and you may be able to deduct the production costs.
Make a Life Income Gift
Life income gifts are great solutions if you wish to give with impact but are concerned about having enough to meet your family’s needs. You can give cash or other property while still receiving a steady income, whether for the rest of your life or for a set number of years. The remainder of the gift will go to support Sunset Senior Communities.
Ready to make the gift and reduce your tax burden? Contact the Sunset Legacy Foundation by email at sunsetdevelopment@sunsetcommunities.org or call 616.214.4505.