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Charitable Gift Annuities

Creating a Charitable Gift Annuity

By creating a charitable gift annuity, you ensure support for causes you care about while creating a secure source of income over time. A charitable gift annuity is created by donating cash or securities to Christ's Love Ministries in exchange for routine payments. These payments may be received by the donor monthly, quarterly, or semi-annually. Payments can be received throughout the course of your life, or over the course of two lifetimes if you wish for a second person to share your benefit.

Benefits To You

In addition to helping our many causes, your contributed charitable gift annuity offers other great benefits. Since Christ's Love Ministries is a recognized 501c-3 non-profit organization, you will be eligible to receive a charitable income tax deduction for your gift for its fair market value in the year you make the gift. Any unused deduction amounts may be used to help reduce taxes in up to five upcoming tax years. Your donation may also help you receive capital gains savings. Whatever the form of your gift, you will receive a partially tax-free return of your principal and fixed payments for life.

Bonds, Funds & Stocks

Friends, supporters and professional advisors have long utilized the benefits of making charitable gifts of appreciated securities to support the work and ministries of churches within their communities. Making a gift to Christ Love Ministries of appreciated stock, bonds or mutual funds has never been easier.

Benefits to You

Since Christ's Love Ministries is a recognized 501c-3 not-for-profit organization, there are numerous benefits to making your gift of stocks, bonds or mutual funds. For instance, if you have owned the stocks, bonds or mutual funds for more than one year, you can claim an immediate charitable income tax deduction for the fair market value up to 30% of your adjusted gross income in the year you make the gift. Any unused deduction amounts may be used to help reduce taxes in up to five upcoming tax years.

By giving appreciated stocks, bonds or mutual funds you also bypass the capital gain that would normally be taxable if you were to sell. These types of gifts allow you to use "paper profits" to help offset and reduce your federal and state taxes. Appreciated securities are also ideal for establishing charitable income-producing gifts and charitable trusts.

Tax Information for Charitable Contributions

Christ's Love Ministries is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code, therefore your qualifying donations are tax-deductible. You will receive an acknowledgement of all online gifts you make.

Information on reporting your tax deductible charitable contributions to the IRS is available at www.irs.gov in Publication 17, Your Federal Income Tax. Please consult your financial planner or tax advisor to determine the specific tax advantages of any gift you are considering making to Christ's Love Ministries.

By making a cash donation to Christ's Love Ministries, you are able to claim a charitable deduction of up to 50% of your adjusted gross income in the year you make the gift. If you cannot utilize the entire deduction in that year, deductions may be carried over for an additional five years.

If you live in New York and do not itemize deductions, you may take a deduction on your New York income tax return of 50% of the amount of your total charitable contributions exceeding $500.

New federal income tax regulations require donors claiming deductions for charitable contributions consisting of property other than cash worth more than $500 to file Internal Revenue Service Form 8283, "Noncash Charitable Contributions”. For more detailed information, please refer to the IRS link below for IRS Tax Deduction Form 526.

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