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Cash is the easiest kind of gift to make to the Children's Home, and gifts of cash are fully tax deductible up to 50% of your adjusted gross income. Gifts in excess of 50% may generally be carried forward and deducted over subsequent years.
InKind Donation Drives:
You can be a part of one of our in-kind donation drives. Individuals, churches, businesses, and civic groups are always looking for a project. This is the perfect idea. Check out our InKind Donation Drive Page.
It makes sense to give a gift of appreciated stock, which you have held more than one year, because it generally offers substantial tax savings. If you sell the stock, you may have to pay capital gains tax. Furthermore, your gift of stock is fully tax deductible up to 30% of your adjusted gross income. The tax deduction is based on the fair market value of the stock at the time of the gift. Gifts in excess of 30% may generally be carried forward and deducted over subsequent years.
A gift to WYC of real property, such as a personal residence, vacation home, farm acreage or vacant lot can offer a twofold tax saving. If the property has appreciated in value during your ownership, you may have to pay a sizeable capital gains tax when you sell it. If you make a gift of the property, you may receive a charitable deduction for the full fair market value of the property, and you may also avoid having to pay the capital gains tax. You may also make a gift to WYC of the remainder interest in your personal residence, and continue to live there during your lifetime, while still realizing a tax deduction in the year you make the gift.
You may make a gift of retirement benefits, thus removing your retirement plan assets from you estate and avoiding taxes potentially as high as 80%.
You may make a gift of life insurance that provides you with a significant tax deduction. This can be done by purchasing a new policy or by donating a policy that you currently own, but no longer need. You may also use you tax savings from gifts of cash, appreciated securities, or property to purchase life insurance in a tax-wise manner to "replace" these assets for your loved ones.
Wills and Bequests:
You may wish to include a bequest in your will. Your bequest is fully deductible for federal estate purposes. Join our Homestead Society.
Click here for more information.
You may wish to make a donation of gently used items that you no longer have a use for. Or, we can use new items such as personal products, canned foods, and cleaning supplies.
We are constantly in need of services such as plumbing, electrical work, landscaping, and carpentry.