If you make an outright cash or credit card gift, you will be eligible for a deduction for the full value of your gift. You can utilize this deduction for up to 50 percent of your Adjusted Gross Income (AGI) and carry forward any unused portion for up to five additional tax years. If you use cash to establish a life-income plan, you will receive a tax deduction for the charitable portion of your gift. You can also make a gift of cash to Congregation Mikveh Israel through your will or revocable trust.
Giving appreciated stocks (or bonds) to Congregation Mikveh Israel that have been held for more than one year can have many tax and financial benefits. You can deduct the full fair market value of the stock on the date of the gift. You are also not taxed on the capital gains that would have been taxed if you sold the stock yourself. By gifting the stock you have therefore received a deduction for the full value of the stock and have avoided the payment of capital gains tax.
You can use appreciated stocks to make a bequest in your will, open a philanthropic fund or establish a life-income plan.
Gifts of Real Estate
Real estate can be given to Congregation Mikveh Israel in ways that afford you many benefits. You can convey real estate during your lifetime to Congregation Mikveh Israel either as an outright gift or to fund a charitable remainder trust. The property is transferred to Congregation Mikveh Israel by deed, and is subsequently sold. The proceeds are then used to establish a permanent endowment fund or a charitable remainder trust where applicable.
For outright gifts, you receive a current income tax deduction based on the appraised value of the property and avoid tax on any capital gain. With the charitable remainder trust, you also initially avoid tax on any capital gain, and receive lifetime payments based on the value of the property transferred into the trust. In addition, you get a current income tax deduction based on the value of the remainder that will eventually pass to charity, and have the property removed from your estate.
Real estate passing under a will or revocable trust also qualifies for a full estate tax deduction if Congregation Mikveh Israel receives the property immediately, or a partial estate tax deduction if the property first passes into a charitable remainder trust to provide benefits for your family.
You may also transfer the deed to your home or second home to Congregation Mikveh Israel while reserving the right to live in it for the rest of your life. This lifetime gift avoids any tax on the capital gain associated with the property, generates a current income tax deduction based on the present value of the interest in the home that will eventually pass to Congregation Mikveh Israel, and removes the home from your estate.
Benefits you enjoy:
Elimination of tax on capital gain for contributed property.
Potential for annual income.
Ability to continue living in the home if desired.
Creation of income tax deduction to offset current income.
Removal of property from estate.
Opportunity to make a significant gift to Congregation Mikveh Israel.
Lifetime spiritual guarantee of viability of Congregation Mikveh Israel.