December is a wonderful time to share a special gift with your church home. As the end of the year approaches, there may be giving opportunities available to you that can be a blessing that supports the ministries of the church while also being advantageous to you as a tax deduction. Here are several options to consider:
Gifts of Cash
This is the simplest and most flexible way to make a gift. You can offer these gifts in worship or go online at trinitygnv.org/giving, where there are options to support the general fund or one of several mission opportunities.
Gifts of Securities
Many persons have experienced significant appreciation of assets in the stock market this year. Consider a gift of stock that has substantially increased in value. Generally, you will receive a charitable deduction for the fair market value of the asset on the date it is transferred into the church’s name without incurring a capital gains tax burden for the appreciation of the asset.
Gifts from an IRA
There are also tax incentives for making IRA distributions to your church. Such gifts from an IRA or similar retirement plan may result in little or no tax on those withdrawals.
Persons who are age 70 ½ or older should check with a tax advisor about the ability to make a tax-free charitable gift directly from a qualifying IRA.
Perhaps as this year comes to an end, there is someone special whom you would like to remember with a special gift. You can make a gift to the general fund in someone’s memory or designate your gift in support of any of the existing ministries of the church. Trinity also has a capital needs list from which you could select an item to purchase as a memorial.
Charitable contributions must be claimed for the year in which they are delivered. If you make a contribution in early January 2018, it must be claimed on your 2018 return. However, if your gift is mailed and postmarked in December 2017, it is deductible in 2017.