Stocks, bonds, and mutual funds are great ways to give without incurring capital gains on appreciated assets. Gifting appreciated assets results in a double tax benefit: 1) If you’ve held the asset longer than one year (long-term capital gain property), you avoid paying capital gains tax on the appreciated asset; 2) The gifted amount is an eligible tax deduction and will be listed on your annual church giving statement.
For example, if you purchased stock for $1,000 several years ago and its value is now $10,000, rather than selling the stock and paying tax on the $9,000 gain, you could donate the stock directly to the church. You avoid capital gains taxes on the $9,000, receive a $10,000 charitable giving tax deduction, as well as provide the church with the full $10,000 value of the stock.
Please follow these steps to give stock or other marketable securities to Crosslink:
Initiate the Transfer with Your Broker
Ask your broker to electronically deliver your securities to:
Broker: Dan Uribe (Good Wealth Management, 540-801-8000, firstname.lastname@example.org)
DTC Number: 0164 code 40
Custodian: Charles Schwab
Account Name: Crosslink Community Church
Account Number: 7391-3902
Notify Crosslink Community Church
Fill out and submit the following form to inform us that the transaction is forthcoming.
Once we receive notification that the transfer has been made, we will sell the stock immediately and request a check. As soon as the check is received, we will email/mail you a donation receipt letter. We will record this transaction in your giving record, and you will see this transaction on your quarterly and year-end giving statements.
Please call Pastor Terry Ross at (540) 434-1540 or email at TRoss@crosslinkva.com if you have any questions.