Do you have shares of stock, ETF’s or mutual funds which have appreciated over the years? You can avoid paying capital gains tax by donating securities to All Saints rather than cash. Also, if you are beginning to withdraw funds from your IRA, you are eligible at age 70 ½ to donate to charities from the IRA without paying income taxes. This is called a Qualified Charitable Distribution (QCD) or “IRA charitable rollover.” If you are at the age where you are taking the annual Required Minimum Distribution (RMD) from your IRA, a QCD counts towards that minimum.
These tax-advantaged ways of donating can only be executed with a direct transfers to All Saints from your brokerage or IRA account. Please contact treasurer@allsaintsbrookline.org for the information you will need to provide your brokerage firm or plan administrator. And consult with your tax preparer for the actual impact of a donation of financial assets on your particular tax situation.