Gifts to Make an Impact Now
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Using Non-Cash Assets to Make a Gift Now
You can turn assets you hold into lifesaving gifts without impacting your cash flow.
Appreciated Stock
If you give stock that you have held for at least one year and has grown in value, you can receive a charitable deduction for the value and avoid capital gains taxes. Giving appreciated stock may be more beneficial than giving cash due to the tax advantages. Click here to download asset delivery instructions.
IRA Charitable Rollovers
If you are 73 or older, you are required to take a Required Minimum Distribution (RMD) from your IRA each year. If you roll all or part of that RMD, up to $108,000, directly to Overlake, you can make a difference for the health of your community and avoid the taxes.
Gifts of Real Estate
A direct gift is the simplest method of donating real estate. Upon acceptance of the gift, the deed or title is transferred from you to Overlake.
- As the donor, you will generally receive a tax deduction equal to the fair market value of the property and that deduction may be carried forward for five years.
- You may also avoid paying the capital gains tax that would otherwise accrue as a result of the sale of the property.
Charitable Bargain Sale
With a bargain sale you sell Overlake an asset, such as stock or real estate, for less than what it is worth.
- You receive cash from the sale plus a charitable deduction for the difference between the value of the asset and the selling price.
- You avoid capital gains tax on the charitable gift portion of the sale.
Life Estate
A retained life estate arrangement allows you to give your residence, vacation home, or farm to the Overlake but retain the right to use the property for the remainder of your life and the life of your spouse or other designated individual.
- Receive a charitable income tax deduction for the present value of the property.
- The amount of your tax deduction depends on the value of the property, whether you donate a full or partial interest, your age and/or the age of any other individual given use for life or some other time period, and other factors determined by the IRS.
- You may make a gift of your property even if there is a mortgage on it.
- You retain responsibility for the maintenance, insurance and taxes on the property while you retain the right to use it.