Smart Ideas for Year-end Giving

As the year draws to a close, are you looking for ways to give back while also saving on taxes? The Oklahoma City Community Foundation offers efficient giving options that can lower your taxable income and support your favorite causes.

Give Now, Choose a Charity Later
If you want to make a gift before the year end to enjoy a tax benefit, you might want to consider an Advised Fund. We offer three types of Advised Funds with minimums ranging from $1,000-$20,000. By establishing an Advised Fund, you can receive an immediate tax deduction and decide which charitable causes to support at a later date.

Year-end giving options:
By making a charitable gift of the following assets, you can avoid capital gains tax, enjoy the benefits of a charitable tax deduction and preserve your cash flow.

Real estate including homes, acreages or business properties can be used to make a charitable gift at the appraised value. By transferring the deed, you can avoid any tax that would otherwise be due upon sale, including capital gains tax. We then sell your property, and you enjoy the benefits of a charitable tax deduction.

Appreciated securities such as widely- and closely-held stock, bonds and mutual funds may be transferred directly to us, bypassing any capital gains tax, and you receive a charitable deduction for the fair market value.

Oil and gas royalty interests can be used as a charitable gift, allowing you to reduce your taxable estate and preserve your liquid assets.

Life insurance policies can be an easy way to make a charitable gift without a significant outlay of cash. If you own a life insurance policy that is no longer needed, you can gift the existing policy and receive an immediate income tax deduction for the cash value in the policy.

Don’t forget, the IRA Charitable Rollover is now permanent. If you are age 70 ½ or older, you can gift up to $100,000 per year directly from your Individual Retirement Account to the Oklahoma City Community Foundation to support or create a new scholarship fund or a charitable organization endowment fund. By using your pre-tax IRA assets, your charitable gift costs you less. In addition, IRA rollover gifts can be used to meet your required minimum distribution and are not subject to income taxes.

To learn how we can help you with your year-end giving, contact Joe Carter at 405/606-2914. We look forward to helping you meet your year-end goals!

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