As 2014 winds to an end, please consider making a year-end donation to support the mission of Safe Harbor. And as you consider your charitable gifts, remember that gifts made now can generate deductions that could help reduce your income tax bill in April.
Donating via cash or credit card
- Gifts by check can be mailed to Safe Harbor, P.O. Box 17996, Richmond, VA 23226. If you make a gift by check, the date your check is received by Safe Harbor will be reflected on your receipt.
- To make an on-line donation, click this link. If you donate on-line, the date your payment is processed is considered the date of the donation.
Gifts of Stock or Securities
If you own shares of mutual funds or stocks that have unrealized gains, then consider donating shares to Safe Harbor, instead of donating cash. You’ll be able to deduct the market value of the donated shares, and avoid reporting the gains. The shares you donate must have been owned for more than one year.
Don’t sell the stock first. Even though you give us the proceeds as a gift, the IRS will impose capital gains tax on your sale. To learn more about donating securities, click here: Gifts of Securities to Safe Harbor
IRA Charitable Rollover
The IRA Charitable Rollover, which was first passed in the Pension Protection Act of 2006, allows individuals over age 70½ to transfer up to $100,000 per year directly from an IRA account to one or more charities. This transfer counted toward the minimum required distribution rule for IRA accounts, and such distributions were free of both income and estate taxes.
Congress has reauthorized charitable transfers from individual retirement accounts for 2014. Now, IRA holders who are 70½ and older need to move quickly if they want to make such gifts, because the provision expires again as of Jan. 1, 2015.
If you are interested in learning more about making gifts of Stock or Securities, or learning more about the IRA Charitable Rollover, please contact Cathy Easter, executive director, at (804) 249-9472 ext. 11 or firstname.lastname@example.org to learn more. Thank you!
To determine the tax consequences of your gift, please consult your tax advisor.