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How to Make the Most Out of Your Year-End Giving

Posted by | Rebecca Bibleheimer

As year-end approaches, remember your gifts to Catholic Charities of Oregon are tax deductible. We are a registered 501(c)(3) organization that is publicly supported. This means that if you itemize your deductions on your tax return, you will be able to offset your taxable income for every dollar of your gift.

Even if you don’t itemize your deductions on your tax return, there are still ways to receive those tax benefits. Data from our most recent tax law change is showing that considerably fewer people itemized their deductions in 2018 compared to prior years. As a result, some of our supporters who previously received a deduction for their gift may be looking for a way to offset some of their charitable donations other than an income tax deduction. The good news is there are still options!

When you make a gift to Catholic Charities of Oregon of appreciated securities you will get a deduction for the full fair market value of the stock gifted, without having to pay taxes on that appreciated amount. This is important for non-itemizers because by giving appreciated stock instead of cash and then using the cash you would have made a gift to purchase the same stock, you can reduce the unrealized gains in your portfolio. Over time, this will result in paying less income tax on your portfolio as you replace highly appreciated stock with the same higher basis shares.

For Catholic Charities supporters age 70 ½ and older, if you have a traditional IRA account, you can make a gift directly from your IRA account to Catholic Charities of Oregon without having to recognize the income. This gift will satisfy your minimum distribution required for the year so this will also have a tax benefit for your support, without having to itemize your deductions! The gift can be for up to $100,000 and needs to be made directly from the IRA account to us. This is referred to as a Qualified Charitable Distribution from your IRA account.

During the Christmas season, continuing to focus on our important work of supporting our community’s most vulnerable and marginalized members fills us with gratitude for your continued support. Please contact Sarah Granger at sgranger@ccoregon.org with any questions or to discuss moving forward with making a gift.

Give a Tax-Deductible Gift Today