An outright gift of cash provides the largest deduction from your taxable income. It provides immediate benefit to your church. It's an easy way to make an impact right now.*
Please click here to make your gift now!
This outright gift made by transferring securities to your church potentially provides both a tax deduction for the gift and avoidance of capital gains taxes. To make this transfer, you should contact your financial advisor and Sardis Presbyterian Church.*
Charitable IRA Distributions
A Great Opportunity. Recent Legislation making the $100,000 charitable IRA contribution permanent allows you to take full advantage of the numerous tax benefits not readily apparent - avoid the percentage limitation on charitable contributions, itemized deduction and personal exemption phase out, use the standard deduction, reduced AGI, less likely that Social Security will be taxed. The IRA owner must be 70 1/2 at the time of the transfer. While this is an easy powerful incentive to charitable giving consult your tax and financial advisor to follow the simple but important rules.
A gift of real estate may be deeded outright to your church. The irrevocable gift of property may provide an immediate tax deduction.** Contact Jerry Reed 704.365.2707 or email for assistance.
Retained Life Estate
Retained life estate provides for a current gift of your property, and you retain the right to live in and use the property for the lives of you and your designee(s).*** Contact Jerry Reed 704.365.2707 or email for assistance.
*For charitable gifts of cash, the IRS allows you to claim up to 50% of your adjusted gross income ("AGI"). You may carry the unused portion of the deduction for any of the next five years. For charitable gifts of appreciated assets, you receive a gift credit and immediate income tax deduction for the full fair market value of the securities on the gift date, regardless of the amount you paid for them. You may deduct up to only 30% of AGI in any one year, although you may carry the unused portion of the deduction for any of the next five years.
**Real estate can be one of the strongest assets for you to further the mission of your church. Your church will be extremely grateful for your generous intentions. Be prepared, however, that there are complexities involved. Therefore, both you and your church with the help of qualified advisors must consider and review extremely carefully all facets of the transaction.
Some - but by no means all - of the first considerations and steps to your church accepting your generous offer of a piece of real estate follow. The real estate should:
- have a free and clear title (report supplied by you, the donor)
- be readily marketable
- be unencumbered by mortgage or liens
- be free of environmental complications (most notably problems as asbestos, oil or other fuel spills or tanks, or other potential contaminants
- have an environmental audit performed to ensure that your church family does not incur significant unforeseen liabilities
- have disclosed any unforseen carrying costs or restrictions (such as recurring bills for maintenance or memberships...)
- be professionaly appraised no more than 60 days prior to the gift date (to meet valuation requirements and establish a fair market value for the the credit for the donor to realize for tax purposes)
If the property has been held more than 1 year, you receive a charitable deduction for the appraised value, regardless of the amount you paid for it. You may deduct up to only 30% of AGI in any one year, although you may carry the unused portion of the deduction for any of the next five years.
You pay no capital gains taxes on appreciation if your church sells the property.
***The term "retained life estate" describes a gift of your home or other property where you still retain the right to use it during your lifetime. Under a "retained life estate" you are entitled to a charitable deduction as well as usage benefits during your life. After your lifetime, the property is fully controlled by the church.
Note that only a portion of the value of the property merits a charitable deduction in the year of the gift. The exact deduction depends upon the value of the property and the age of those who will be given life use of the property.
You continue your responsibility for financial and physical maintenance of the property, including property taxes and insurance.
Upcoming Sardis EventsView All
February 26, 2020
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Service OpportunitiesView All
Panama City Mission Trip
We will be working with The Fuller Center Disaster ReBuilders in Panama City, Florida (April 26-May 1)
Room In The Inn
Room in the Inn is looking for a few good men and women!