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DID YOU KNOW...

You can donate appreciated stock to Shomrei Torah and receive a tax deduction for the fair market value of the stock1 donated and pay no tax on the sale of the stock2.

Gifting appreciated stock can be more beneficial than donating cash for the following reasons:

  • Can help reduce investment risk in your portfolio.
  • Frees up your cash to be used for other expenses.
  • Allows you a tax deduction for an amount greater than what you paid in cash for the stock.

DID YOU KNOW...

If you are over age 70 ½ you can make a tax free distribution from your IRA account to Shomrei Torah (up to $100,000). The distribution can be used to satisfy your required minimum distribution. Making a tax free distribution from your IRA to Shomrei Torah can help reduce your overall taxes since the tax free distribution is not counted when figuring the phase outs of such tax deductions as medical expenses, calculating the phase out of itemized deductions and personal exemptions and the inclusion of social security benefits subject to income tax. Currently this provision in the law is scheduled to expire at the end of 2013.

The recently enacted American Taxpayer Relief Act of 2012 created higher taxes and added several layers of complexity to the tax code. The upside to this is that donations to Shomrei Torah generally may save you more in taxes beginning in 2013 than in 2012.

To learn more about donating appreciated stock or making a tax free distribution from your IRA please contact our treasurer, Howard Hook at This email address is being protected from spambots. You need JavaScript enabled to view it. or call the office at 973-696-2500.

 

1 Stock must have been owned for greater than one year in order to deduct the Fair Market Value of the stock.
2 Stock must be transferred in kind to Shomrei Torah brokerage account in order to avoid capital gains tax.

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Wayne Conservative Jewish Congregation
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