Tax Information
The parish is listed as a 501(c)(3) institution under the US Internal Revenue Code. All gifts are tax deductible to the fullest extent of the law. Seeking advice from your financial consultant is always advisable.
Giving Securities. By making a gift of appreciated securities owned for more than 12 months, you can deduct the entire amount of your gift, which includes the original cost of the securities plus its appreciation. This way, you avoid paying a capital gains tax on its appreciation and the deduction is based on the value of the securities when transferred to the church, as well as deductible up to 30% of your adjusted gross income. Excess deductions can be carried over for up to five years. Cash gifts are deductible up to 50% of your adjusted gross income.
Receiving Income from Your Gift as well as a Tax Deduction. Many of our parishioners have asked how they can make a gift to St. John’s and reserve income for life for one or two people. You can choose between fixed or variable income payments (charitable gift annuity or a charitable remainder trust). Besides receiving income, you will receive a charitable deduction for part of what you give. If you use appreciated securities or other assets, you may reduce your capital gains taxes.
Providing Income to St. John’s Church While Benefiting Your Loved Ones. Many of our parishioners have begun to think about retirement, estate planning, charities they want to support, and the transfer of wealth to their children. You can establish a gift that will provide income to the church for a number of years, with assets passing to your children in later years (charitable lead trust). This way, you reduce your income taxes and future gift taxes and avoid estate taxes on your original gift and its appreciation.
Making Gifts from Your Business. If you are an owner of a closely-held corporation, you can contribute stock in your company to the church and receive a tax deduction for the value of your gift.
Additional information on giving options can be found on the Episcopal Church Foundation’s website at www.episcopalgifts.org.
