If you are based in the US, we’d like to share with you ways of making your gift/payment that may have tax benefits for you. As always, please consult with your financial advisor regarding the tax implications of these opportunities.
Using appreciated securities to make your donation or pledge payment may provide you with favorable tax benefits:
You should receive a charitable income tax deduction for the full fair market value of the shares as of the date of the contribution, and pay no capital gains tax if the gift is made with appreciated stock held for more than one year.
You may also use your stock to establish a Donor Advised Fund, which allows you to maximize your tax savings and gives the privilege of supporting almost any non-profit institution via fund distributions.
Should you wish to donate stock to the temple, please let us know in advance so we can monitor the transaction and ensure your account is credited. Our brokerage details for the transfer may be found here.
You may use your retirement account (IRA) to make a pledge payment or a donation. If you are over 70 1/2, you may rollover up to USD 100,000 from an IRA directly to Sri Vidya Temple Society. The transfer is tax neutral – it does not generate taxable income, however you may not claim a charitable deduction.
For the 2020 tax year, the Coronavirus Aid, Relief, and Economic Security (CARES) act enabled the deduction of 100% of adjusted gross income for cash gifts to charities. This may continue into 2021. Please check with your tax professional.