Hope Bible Church welcomes the gift of stock and other securities. A gift of stock (or other appreciated property) entitles you to a tax deduction for the market value of the donated stock (not just your cost basis). If the stock you wish to donate has been held for more than one year, you can avoid capital gains tax on any appreciation of the stock by donating the stock prior to sale. Hope Bible Church benefits by selling the stock without paying taxes on the gain, and you benefit from making a contribution that would be larger than what you might have been able to donate in cash.
Before you decide to use securities to make a gift, please consider the following information:
If your security has increased in value, you normally DO NOT want to sell your security, but instead transfer the shares “in kind” to Hope Bible Church. This may enable you to avoid paying income tax on the growth (capital gain). As a result, you will be making a larger gift and receiving a larger tax deduction.
If your investment has decreased in value, then it is usually better for you to sell your investment first, realize the loss, and use the cash from the sale of the securities to make your gift to Hope Bible Church. This may offer you an opportunity to deduct the loss in value of your investment on your tax return. You will still receive a tax deduction equal to the size of your gift, but the loss in value of the investment can also be used (with limitations) to offset other investment gains or income when you complete your income tax return.
Please note that Hope Bible Church and its employees do not give legal, tax, or accounting advice. Tax laws and regulations are complex and depend on individual circumstances. For complete details, consult your attorney, accountant, and/or tax advisor. To arrange for the transfer of stock to Hope Bible Church, please contact the church's administrator, Ross Levin at the church office at (443) 200-HOPE (4673) or email@example.com.