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 Ways
of Giving to Wekiva Presbyterian Church
If you would like
to contribute to the ongoing work of this congregation, you may do so in
many ways. Here are a few of them:
Monetary Gifts
Your gift by check
is the simplest and most often utilized means of making a gift. If you
itemize deductions for federal income tax purposes, monetary gifts may
be used annually to offset up to 50% of your adjusted gross income ("AGI").
Gifts which are not deductible in the current year because they exceed
the 50% AGI limitation may be carried over to the next five tax years.
Wekiva now also offers credit card giving. You may contact the church office
(407-869-1608) to give by credit card.
Gifts of Appreciated
Securities
A gift of appreciated
securities, such as stocks, bonds and mutual fund shares, is another common
way to make a gift. If the appreciated security has been owned longer than
one year, the charitable income tax deduction is the fair market value
of the gift when donated. No capital gains tax is paid on the appreciation.
Such gifts are deductible annually, up to 30% of AGI, with the same five-year
carry-over provision as cash gifts. The security itself must be given,
rather than selling it first and donating the cash proceeds, to obtain
the fair market value deduction and to avoid the capital gains tax on the
appreciation of the security. Since such transfers happen without the donor's
name, please call and let the church office know when you make a donation
of appreciated stock, for the church records and your own records.
Gifts of Real Estate
The same tax advantages
that apply to giving appreciated securities also apply to real estate.
The giving of acreage, a lot, a house, a commercial building or any type
of real estate held longer than one year produces a charitable deduction
for the fair market value of the property and also avoids the capital gains
tax on the appreciation. If accepted, the church will take responsibility
for selling the property.
Corporate Gifts
Corporations are permitted
to give away to qualified charitable organizations up to 10% of their pre-tax
profits as a charitable deduction in any given fiscal year. This provision
allows for significant tax savings for those in a position to consider
such a gift.
The above is for
information purposes only. Please consult a competent professional if legal
or tax advice is required.
If you would like
more information on Charitable Giving please consult the Internal Revenue
Service publication 526 available at their web site...http://www.irs.gov/pub/irs-pdf/p526.pdf.
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