Act Now to Receive Tax Benefits for 2020
There are tax-smart ways to make your year-end charitable gift to Brooklyn College.
Appreciated Securities
Gifts of appreciated securities such as stocks and mutual funds that you have owned for at least one year entitle you to an income tax charitable deduction for their fair market value. In addition to your deduction, you avoid capital gains tax on the securities that you contribute.
Charitable IRA Rollover
If you are 70 ½ or older, you can make a tax-free gift of up to $100,000 to Brooklyn College directly from your IRA account. Your gift is not included in taxable income from your IRA, but it will count towards your required minimum distribution.
Gift Annuity
You will receive an income tax charitable deduction and some payments could be partially tax-free.
Because the laws of each state vary and your own circumstances are unique, you should seek the advice of your own attorney, tax advisor, and/or financial planner with regard to your personal finances and tax implications.