How to Be Tax-Smart at Year-End 

Making a charitable gift to Lifeline Christian Mission on or before Dec. 31 can provide you with a tax break for the year when you itemize deductions on your tax return. Here are several strategies for resourceful year-end giving.

• Write a check made out to "Lifeline Christian Mission" and mail to 184 Olde County Line Road, Westerville, Ohio 43081

• Charge your credit card. A fast and easy way to make your year-end gift is simply by calling us at (614) 794-0108.

• Contribute securities that you have owned for more than one year. If they are worth more than what you originally paid for them, you can claim deductions for their full fair market values and avoid any tax on the appreciation.  Contact Ben at Ben@Lifeline.org or 614-794-0108 to start the process.

• Prepay a commitment, either the entire amount or an upcoming installment for child sponsorship, or other projects.

• Take a capital loss yourself by selling your securities that are worth less now than when you purchased them. You can take a capital loss on your tax return to the extent allowed by law and then contribute the proceeds. If you donate these securities directly to Lifeline, you will not be entitled to take the capital loss.

• Give real estate, artwork and other tangible personal property. Give property that would have resulted in the greatest capital gain if you would have sold the asset instead.

Be Aware of Gift Dates 

The gift date, or the date used for tax purposes, is the day you transfer control of the asset. Keep the following guidelines in mind as you consider your gift:

• Checks: The mailing date is the date of the gift.

• Credit cards: The day the charge is authorized is considered the gift date.

• Securities:

  • If electronically transferred, the gift date generally is the day the securities enter Lifeline's account.

  • If hand-delivered, the day they are delivered to Lifeline or our broker is the date of the gift.

  • If mailed, the mailing date is the gift date. Make sure to send, by registered or certified mail, the unsigned certificates in a separate envelope from the signed stock power and letter of intent. Stock market fluctuations after the date of delivery will not affect your charitable deduction.

• Real estate: The day you deliver the signed deed to us is the date of the gift. If your state law requires recording of the deed to complete the gift, though, then the date of recording is the gift date.

• Artwork and other tangible personal property: The gift date is the day you hand-deliver the property with a signed document transferring ownership, if necessary.

 

Always Seek Counsel
Discuss your charitable gift plans with your financial and legal advisors so you can better determine what suits your needs while benefiting Lifeline Christian Mission. We are also able to assist you with information to share with your advisors. Simply contact Ben Simms (Ben@Lifeline.org or 614-794-0108) for more information.