Gifts of cash or checks must be delivered to Oakwood Church or be postmarked on or before December 31, 2011, in order to claim a charitable deduction for 2011. Checks or cash placed in the offering on January 1 will not qualify for the 2011 deduction.

 

Year-end is fast approaching and with the stock market doing better, this may present a tax-saving opportunity for you. Generally speaking, if you donate an appreciated asset that you have held for more than a year, you receive a tax deduction for the full appreciated value of the gift (without paying any tax on the appreciated amount (or your gain).  For example: Say you bought a stock for $2,000 and it is now worth $10,000. If the stock were donateddirectly to  Oakwood  Church you would be entitled to a tax deduction of $10,000 even though you only paid $2,000 for the stock.

However, the tax treatment changes dramatically if you sell the appreciated asset first and then donate the proceeds. In this case, you would be taxed on your gain of $8,000 (difference between your selling price of $10,000 and your cost of $2,000) before you make your donation. Thus, the amount you have leftover to donate is greatly reduced (by the taxes due on the gain) and likewise, so is the amount of your tax deductible donation. It is important to consult your financial advisor or accountant.

For more information on how to donate stock or property to  Oakwood  Church , please feel free to contact Oakwood Church Treaurer, Eric Geraldson, at 262-727-7081.