At this time of year, we count our blessings and hope you can put…stocks in New Life’s stocking!
As we approach year-end, please consider putting Stocks in New Life’s Stocking. This type of year-end giving may appeal to you due to the overall rise in the stock market. As with any increase in the value of stock, come concerns of income tax and capital gains tax. A gift of stock (long-term appreciated assets) not only would help the homeless children at New Life Evangelistic Center, but may be of great tax-savings benefit to you.
With a gift of stock, you may be able to claim a current charitable deduction for today’s full-fair market value of the stock, thus saving you income tax. You also have the capital gains tax which you would otherwise owe upon the sale of the stock.
The gift that costs the least may be a gift of stock! Please consider such a gift and put Stocks in NLEC’s Stocking. This is a wonderful way to help both the children at New Life and provides a tax benefit to you.
EXAMPLE: If you are in the 33% tax bracket and give stock to New Life that originally cost $5,000 and is now worth $25,000 (a taxable gain of $20,000) then there is a charitable income tax deduction of $25,000 (the current fair market value):
- Which produces an income tax savings of …..$8,250 ($25,000 x 33%)
- Plus capital gains tax savings of …..$3,000 ($20,000 x 15%)
- The total savings is …..$11,250 ($8,250 + $3,000)
- Net Cost to you for your $25,000 Gift is …..$13,750 ($25,000 – $11,250)
To be eligible for a tax deduction this year, all stock gifts and transfers must be completed by December 31. As always, we suggest that you consult with your tax advisor to discuss your particular situation.
Please consider putting Stocks in New Life’s Stocking today!
For further information on making a stock gift to New Life Evangelistic Center please call (314) 881-3218 or write to us at New Life Evangelistic Center, PO Box 473, St. Louis, MO 63166-0473. You may also fill out the form below and someone will call you.[contact-form-7 404 "Not Found"]