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December 2016

Every gift makes an impact at The Queens Jewish Community Council . However, the way you give can also have a significant tax impact on your personal planning. To be eligible for a deduction on your 2016 return, your gift must be completed by December 31st. Besides cash or check, the QJCC is now able to accept gifts of securities,(which are usually considered gifted the date your broker transfers it to the QJCC), which can actually have a a double tax benefit.
When appreciated stock that is held for over one year is donated to the QJCC, not only do you qualify for an itemized deduction equal to the full value of the stock on the date of the gift, you also avoid having to pay tax on the capital gain that would otherwise be due if you sold the stock. To illustrate this, let’s look at Jonathan, who purchased stock 10 years ago for $5,000. The stock is now worth $25,000. If he were to donate $25,000 in cash, he would receive an itemized deduction for $25,000 on his personal tax return. However if he instead donates this appreciated stock, not only does he receive the $25,000 itemized deduction, but he also avoids having to pay tax on the $20,000 capital gain.
If you are at least 70 ½ and own an IRA you may also qualify to make a direct transfer of up to $100,000 in funds that count towards your required minimum distribution and be excluded from your taxable income(although you would not also be able to receive a a separate itemized deduction}. You should consult with your tax advisor.
Please avail yourself of this exciting opportunity that could benefit both QJCC and yourself.
Please call Cynthia Zalisky, Executive Director of the QJCC at 718 544 9033 to facilitate the transfer.

Queens Jewish Community Council 2009