TAX-FREE GIFTING STRATEGIES

This is not tax advice, you should consult with your CPA or tax attorney prior to gifting.

TAX-FREE GIFTING STRATEGIES

Gifts to Charity

Gifts to qualified charities are not subject to gift tax, but the charitable income tax deduction they may generate may be limited in certain situations.

  • Cash.

      • Charitable income tax deduction may be limited in certain situations.
      • Direct gift of highly appreciated assets (i.e. stocks, properties, etc.).
        • Avoids capital gains and offers deduction on ordinary income in the year of the gift.
        • Properties are able to be gifted at the current market value of the property proven by appraisal.
        • Charitable income tax deduction may be limited in certain situations. A carry forward may be necessary.
  • Charitable Gift Fund

        • Receive a current year, market-rate tax deduction.  
        • Make grant recommendations immediately or in the future.
        • Help increase your investment performance with professional asset management.
        • Enjoy tax-free compounding on investment returns.
        • Donate appreciated assets, including illiquid assets, without incurring capital gains.
        • Choose to give anonymously.
  • Charitable IRA Distributions

      • You must be age 70½ or older at the time of the distribution.
      • You may distribute any amount up to $100,000 per tax year, subject to reduction, if you made tax-deductible contributions to a traditional IRA during the tax year.
      • You and your spouse may make combined distributions up to $200,000, provided each of you owns at least one IRA, and each of you is at least 70½ years old at the time of the distribution and can make a qualified charitable distribution up to $100,000 from your respective IRA accounts.
      • You may distribute from your traditional IRA and IRRA. Distributions may not be taken from an ongoing SEP or an ongoing SIMPLE IRA.
      • Charitable distributions from 403(b) plans, 401(k) plans, pension plans or other retirement plans are ineligible.
      • Where can you direct charitable distributions?

              • The distribution proceeds must be paid directly to the qualified charity.
              • Charities must receive distributions for each tax year no later than December 31 of the respective tax year to be considered as a donation to the charity for the year.
              • Beginning in 2023, tax law expanded the provision to allow for a one-time, $50,000 distribution to split-interest charities through charitable gift annuities, charitable remainder unitrusts, and charitable remainder annuity trusts.
              • Donor advised funds and certain private foundations are not eligible charities. You must check with your tax advisor to determine whether a charity is qualified to receive an IRA charitable distribution under applicable tax law.
              • You must obtain written acknowledgment of each IRA charitable distribution from each qualified charity recipient to receive the tax-free treatment.
              • You cannot receive any goods or services in return for the IRA charitable distribution.

Gifting Opportunities at Grow Church

  • 501c3 Endowment – to promote Christian Education opportunities in perpetuity. Cash gifts accepted.
  • 501c3 Stock Giftings – receiver account to avoid capital gains and offer deductions on ordinary income tax to the donor.
  • 501c3 Crypto Giftings – receiver account to avoid capital gains and offer deductions on ordinary income tax to the donor.
  • Property Giftings – to use for church, outreach, or immediate sale of asset avoiding capital gains and offering deductions on ordinary income tax to donor.
  • Tithes – to the house of God to offer transformative experiences to the community to Know God, Find Freedom, Discover Purpose, and Make a Difference. 10% minimum goes outward to local, national, and global initiatives.
  • Offering (Legacy Now) – dedicated to local, national, and global outreach in areas of need and influence directed by scripture. We sponsor initiatives in our 5 Legacy Lanes of influence: Local, National, Global, Church expansion/planting, Grow School of Ministry.

Access Your Giving Statement

At Grow Church we like to make things easy!
Rather than sending you your giving statement before you’re ready, access it when you’re ready for it.

Please note:

In regards to designated contributions, Grow Church makes every effort to honor the designation of the donor. However, contributions become the property of Grow Church, and Grow Church has the discretion to determine how best to use contributions to carry out its vision, functions and purposes. Such control of the funds by Grow Church is required to ensure that they will be used to carry out its vision, functions and purposes, and to ensure donor’s contributions satisfy requirements for tax-deductibility.

Grow Church is a 501(c)(3) nonprofit, EIN 38-3643083