More Bang than Your Buck!

4 Gifts That Have Big Impact AND Reduce Your Taxes

Giving from your wallet is a great and familiar way to support CPO – but there may be more cost-effective ways for you to give. 

If you have appreciated stock that you’ve owned for at least a year, you can receive a double tax benefit by donating this stock to CPO. Not only will you receive a tax deduction for the fair market value of the stock, but you’ll also avoid paying capital gains tax.

Do you have real estate that has increased in value that you no longer need? Consider giving all or a portion of the property as a gift, prior to a sale. By doing so, you can bypass the capital gain and receive a charitable deduction.

If you are 70 ½ 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 distribution will be included in your adjusted gross income.

Farmers can experience significant 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 for commodities, such as fertilizer or irrigation.

Ready to learn more about how you can support CPO in smart and powerful ways? Contact Glenn Spoolstra by calling 708-331-3301 Ext. 102 or emailing Glenn@cpoministries.org.