Many donors choose to make stock gifts each year. A charitable gift of stock held for more than 12 months offers a two-fold potential tax savings:
- Avoid paying capital-gains tax on the increase in value of your stock, and
- Receive a tax deduction for the full fair market value of the stock on the date of the gift
Subtracting the tax savings from what you originally paid for the stock can result in a gift that costs just pennies on the dollar. This is an excellent giving option for stocks that have appreciated substantially in value.
In addition to the attractive tax benefits of a gift of stock or mutual fund shares, you will have the satisfaction of knowing that you are helping families achieve the dream of homeownership.
How to initiate a stock transfer
The fastest and easiest way to make a gift of stock is to have your broker perform an electronic transfer. You can also contact Twin Cities Habitat's broker at the following contact information:
Brokerage Firm: Robert W. Baird & Co.
Client Specialist: Carson Jones
Twin Cities Habitat's account number: 6495-0608
Twin Cities Habitat's tax ID: 36-3363171
DTC number: 0547
Finally, when you make a gift of securities, please contact us so we can acknowledge your gift in a timely and efficient manner. Or, for more information, contact Kaela Reinardy at Kaela.Reinardy@tchabitat.org or 612-305-7139.
Direct gifts from an IRA
If you are at least 70½ years old, you can make a gift of up to $100,000 each year to Twin Cities Habitat for Humanity directly from your IRA. Qualified charitable distributions may be able to reduce your taxes while fulfilling your required minimum distribution.
This charitable transfer excludes the gift from your gross income for Federal Income Tax purposes and can be especially attractive for donors who do not itemize or would like to keep reportable income down to avoid having social security and other income taxed at a higher rate.
Who might benefit?
- Persons who do not require the income in an IRA
- Persons whose charitable contributions are reduced by the percentage of income limitation
- Persons having so few deductions that they choose not to itemize
It's easy to get started
Contact your IRA plan administrator to make a gift. Your funds will be directly transferred to Twin Cities Habitat to create more homeownership opportunities for local families.
For your account administrator:
Twin Cities Habitat for Humanity, Inc.
Tax ID: 36-3363171
Let us know of your decision to make a gift, so that Twin Cities Habitat can thank you and ensure that your gift will be used as you intend.