PARK PLACE
OF ELMHURST
More Bang than Your Buck! 4 TRANSFORMATIONAL GIFTS THAT REDUCE YOUR TAXES Giving from your wallet is a great and familiar way to support Park Place of Elmhurst Foundation– but there may be more cost-effective ways for you to give. 1. If you have appreciated stock that
3. If you are 70 ½ or older, you can make tax-free distributions from your IRA (individual retirement account).These gifts count toward your annual required minimum distribution, and none of the IRA distribution will be included in your adjusted gross income. 4 . 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.
you’ve owned for at least a year, you can receive a double tax benefit by donating this stock to Park Place of Elmhurst Foundation. 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. 2. 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, before a sale. By doing so, you can bypass the capital gain and receive a charitable deduction.
WANT TO GET INVOLVED? Ready to learn more about how you can support Park Place of Elmhurst Foundation in smart and powerful ways? Contact Beth McGowan Welch by calling 630-936-4447 or emailing bethw@ppoefoundation.org .
1050 S. Euclid Ave, Elmhurst, IL 60126
(630) 936-4447
bethw@ppoefoundation.org
ParkPlaceElmhurstFoundation.org
Park Place of Elmhurst is a 501(c)3 not-for-profit organization
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