Three impactful ways you can make a year-end gift
As 2020 comes to a close, there are a number of opportunities to support the work of the Cholangiocarcinoma Foundation. One good thing to come out of the COVID Pandemic is the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) provisions for charitable giving. The CARES Act enables individuals to deduct up to $300 of cash donations to the Cholangiocarcinoma Foundation without itemizing deductions on your tax forms. Additionally, the limit for those who do itemize has been increased to 100% of Adjusted Gross Income for 2020. These provisions are set to expire on December 31, 2020.
If you are 70½ years old or older, you can make a gift from your Individual Retirement Account (IRA) to the Cholangiocarcinoma Foundation and receive tax benefits in return.
You can give any amount up to $100,000 per year directly from your IRA directly to a charity such as CCF through a Qualified Charitable Deduction (QCD) without having to pay income taxes on the money.
How to Make a Qualified Charitable Deduction from your IRA
- Contact your IRA plan administrator to make a gift from your IRA to Cholangiocarcinoma Foundation
- The transfer must be made directly from your IRA to CCF. A letter template for your retirement plan administrator can be downloaded here.
- Advise CCF of the amount of your gift. Advise us if you wish to designate your gift for a specific purpose.
If have questions or would like more information, about making a charitable gift from your IRA, please contact laura Hnat at firstname.lastname@example.org or 888-936-6731 ext. 18. We would be happy to assist you.
If you have publicly traded appreciated stock that you have held for more than one year, you can enjoy tax benefits for gifting the appreciated stock directly rather than selling it and donating the proceeds or through making an outright cash gift. You simply transfer the stocks to the Cholangiocarcinoma Foundation rather than selling them. You can deduct the appreciated value of the stocks and avoid capital gains tax.
The advantages of making a gift of stock
- The market value of a gift of stock and securities is tax-deductible
- You avoid capital gains tax on the appreciation of the asset
- A gift of stock or securities could increase the value of your gift to CCF
- Your gift can help us move closer to finding a cure
Example of the Impact of a Gift of Stock
A donor purchased $2,000 worth of stock more than one year ago. The value of that stock is now $10,000
|Sell Stock, Then Gift to CCF||Gift Stock directly to CCF|
|Value of Stock||$10,000||$10,000|
|Capital Gains Tax||$1,250||$0|
|Gift to CCF||$8,750||$10,000|
|Income Tax Deduction||$8,750||$10,000|
Gifts of Appreciated Securities can be transferred directly to The Cholangiocarcinoma Foundation account at Fidelity Investments
Fidelity Account Information:
DTC number: 0226
Account number: Z47941462
You should consult your own tax, legal and accounting advisors before making any gift.
Please contact the development office at email@example.com to inform us of your gift. Please let us know the stock you are transferring, the number of shares, and the date of the transfer.
Please consider joining your "On Your Mark" our monthly giving program. Give once and make an impact all year long. Set up your monthly donation once and it will be automatically withdrawn each month, making it easier for you and enabling CCF to plan long-term, budget more efficiently, and move closer to finding a cure. You can change your amount or cancel at any time.
For questions or more information please contact Laura Hnat in the development office at firstname.lastname@example.org or at 888-936-6731 ext. 18
The Cholangiocarcinoma Foundation does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging making any gift.