FAQs: Non-Cash Assets & Life Income Gifts to Thrive

Q:    What are the benefits of donating stock?

A:    If you have appreciated stock or other securities you’ve owned for at least a year, you can receive a double tax benefit by donating to Thrive. Not only will you receive a tax deduction for the fair market value of the stock, you’ll also avoid paying capital gains tax. This makes giving appreciated stock a much more cost-effective option than giving cash. 

       

Q:    Should I consider giving real estate to Thrive?

A:     Yes! You can give more to Thrive at a lower cost than you might ever thought possible through a gift of real estate! Whether you’re wanting to sell a vacation home, farm or rental property, giving real estate holds significant benefits for you AND God’s Kingdom. Not only will you receive an income tax deduction for the fair market value of the property, you’ll also eliminate capital gains tax. All while supporting the important mission of Thrive. 

Q:    I’ve heard I can give directly from my crops. What are the benefits? 

A:   Give directly from your harvest to stretch the value of your donation! By giving commodities — such as grains, soybeans, livestock and more — you can achieve greater Kingdom impact and experience personal tax savings. Giving from your harvest reduces your taxable income and provides the ability to deduct your production costs. 

        

Q:    What is a life income gift?

A:    A life income gift is a wonderful solution if you wish to give in a substantial way, but you are concerned about having enough retirement income.  You can give cash or other property, and receive steady income for the rest of your life (or a designated number of years). The remainder will benefit the mission of Thrive!

Q: How can I give to Thrive through my Individual Retirement Account (IRA)?

A:    If you are at least 70 ½ years old, you can give up to $100,000 from your IRA (or $200,000 for couples) to Thtive and receive significant tax benefits in return.  Any gifts from your IRA…

•    reduce your taxable income (whether or not you itemize!), 

•    can be used to fulfill any charitable pledges you’ve made, AND

•    will fulfill all or part of your required minimum distributions.

Q: Isn’t cash the best way to give to ministry?

 

A:  While most charitable gifts are in the form of cash because this is so familiar, this is not always the most cost-effective way for you to give. You may be able to increase your potential impact— and experience significant tax benefits — by giving non-cash assets such as…

•    Stock or marketable securities

•    Real estate

•    Business interests

•    Farm commodities

•    Life insurance

•    Retirement benefits

•    Tangible personal property

To learn more about giving non-cash assets or other smart and powerful giving options, contact our advancement team at 616-224-0817 or [email protected].