Oklahoma Conference of the United Methodist Church

OKUMF: Take profits without paying taxes


Waldo purchased shares of stock for many years through his company’s stock purchase plan.  Over time the value of his stock grew and became a substantial investment. Because he has been purchasing the stock for over 30 years, his cost is very low. Yet, he hesitates to sell it because he knows any sale will trigger an immediate capital gains tax.
What are some options?
Waldo knows that his church could use a nice gift at year end. By transferring rather than selling his stock, he avoids capital gains tax. Even though his cost is less than 25% of the stock’s current fair market value, he will receive an income tax deduction for the fair market value. And most important, his gift will support the ministries of his church.

Benefits of giving stock.
Here are some of the benefits you can experience by making a gift of stock this year:
•  AVOID capital gains taxes up to 23.8%.
•  RECEIVE an income tax deduction for the full fair market value of your gift.
•  MAKE a meaningful gift with no cash out-of-pocket.
•  CAPTURE the value of your stock and end the worrying about market ups and downs.
•  PUT your gift to work right away for the ministries you care about most.
A gift of stock is easier than writing a check.
Here are the few simple steps to transfer stock:
•  CALL the Foundation to obtain the stock transfer form.
•  SPECIFY which stocks you want to give on the stock transfer form and how you want the proceeds to be used.
•  GIVE the form to your broker or financial advisor.
•  WAIT for your tax substantiation letter from the Foundation in the mail.

Please contact us if you would like more information on giving stock at year end or other ways that you can use stock to support your favorite United Methodist ministries.

Call or email David Battles at 800-259-6863 or dbattles@okumf.org


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