Tax smart year-end gifts, save income tax

Prepared by Winton Smith J.D., Planned Giving Consultant

The new year is only 51 days away. Gifts to the South Carolina Waterfowl Association can help you save income tax. Our long-time expert on planned giving, Winton Smith, has outlined six planned giving year-end gift options to consider. As always, we appreciate all gifts and supporters of the South Carolina Waterfowl Association and its mission to enhance and perpetuate South Carolina’s wildlife heritage through education and waterfowl habitat conservation.

1. Gifts of Cash

Cash gifts are deductible up to 50% of your adjusted gross income provided you itemize your deductions on your tax return. The deduction may be carried forward for five years.

2. Gifts of Appreciated Securities, Real Estate or Business Interests

By making a gift of long term appreciated property, you can save income taxes twice. First, you save by receiving a charitable deduction for the current value of the gift. Second, you save by eliminating the payment of the increased capital gains tax on the property’s increased value. These gifts are deductible up to 30% of your adjusted gross income, a deduction which may be carried forward for five years.

3. Charitable IRA Rollover Gift

The Charitable IRA Rollover Gift is available in 2016 and future years. This gift provides a way for donor’s age 70 and ½ or older to transfer up to $100,000 tax-free from an IRA directly to the South Carolina Waterfowl Association. This gift also provides a way to avoid the required minimum distribution by directing that it be paid to the SCWA.

4. Gifts that Provide Increased Income for Life

A life income gift such as a Charitable Remainder Trust or a Charitable Gift Annuity allows you to give to the South Carolina Waterfowl Association and also provides life income for you and another if you wish. These gifts frequently increase your income; save income tax, capital gains tax and estate tax; and also benefit our organization.

5. Gifts of Home or Farm

You can give your residence or farm to the South Carolina Waterfowl Association now and keep the use of the property during your own and another’s lifetime. You receive a current income tax deduction for your future gift to the South Carolina Waterfowl Association and save income tax now.

6. Income Tax Charitable Deduction

Please consult with your tax advisor to make sure that you receive the maximum tax benefits from your charitable gifts. The rules are complicated. We would welcome the chance to visit with you and your advisors to insure that you receive the tax benefits from your gifts to the South Carolina Waterfowl Association and your other charitable interests.

If you are considering a planned gift, we encourage you to contact the SCWA Executive Director, David Wielicki. He is available by phone and e-mail.
E-mail David: scwadw@ftc-i.net
Call David: 803-600-8979

P.S. A website dedicated to planned giving information and the SCWA is under construction. The website will offer planned giving calculators, FAQ, information on how your gift is used, and more. Follow our blog, join our e-mail list, or connect with us on social media platforms (scroll down a bit more) to see any future updates on the website’s progress!

Social Media Platforms

Facebook – Search @SouthCarolinaWaterfowl
Instagram – Search @SouthCarolinaWaterfowl
Twitter – Search @SC_Waterfowl
Pinterest – Search @SCWaterfowl

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