Maximize Your Year-End Gift Benefits

Maximize Your Year-End Gift Benefits

Generosity knows no season, but this is historically the time most people give and receive—and begin income tax planning. Here are some ideas on how to map out a plan for making a difference at Casa Pacifica.

How Can I Help?
• Give cash. To document a cash gift of any amount, you must have a receipt from us prior to filing your return that states the date of the gift, the amount, and whether you received any goods or services in exchange for your donation. Make certain you receive one. A cancelled check provides sufficient documentation only for gifts by check if they are less than $250.
• Give stock or other property. If the property has depreciated in value, sell it and deduct the loss to the extent allowed by law. Then donate the cash received from its sale. That way you have another deduction. If it is worth more than what you originally paid for it, do not sell it. Donate the property to us—we’ll sell it and you will eliminate all the capital gains tax you would have paid had you sold it. Your gift will be deductible at its full fair market value on its date of delivery if you have held it for more than one year.
• Sell an appreciated asset for less than its current value to us (a bargain sale gift). The difference between the fair market value of the property and what you receive in the sale is considered the gift—and the charitable deduction.

Test your donation and record keeping know-how.

With a gift to a qualified charitable organization such as Casa Pacifica, you can receive the greatest tax advantages when donating this year. Contact Vicki Murphy at (805) 445-7804 or .(JavaScript must be enabled to view this email address) with any questions about your options for giving or your entitled benefits.

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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.