With the enactment of the Tax Cuts and Jobs Act of 2017, you may be wondering about the impact of this law on your charitable giving. The good news is, that the opportunities for charitable giving remain positive. Check out our website to read our brief on Tax Reform and Implications for Charitable Giving and consult the Tax Law Reference Guide for the Donor. There are many ways you can make a difference at Bowdoin College while enjoying financial benefits for yourself.
Here are some smart ways to give in 2018:
- Donate appreciated stock: With the stock market at or near all-time highs, use your appreciated stocks to fund gifts to Bowdoin College. This is a tax-wise strategy to avoid paying taxes on the capital gains.
- Name Bowdoin as a beneficiary of retirement plan assets: These assets are taxed as ordinary income when distributed to a loved one but are passed free of taxation when passed directly to Bowdoin. Visit our website to learn more about beneficiary designations and if you do make a designation for the College, do let us know by providing us with a completed Future Gift Commitment Form so that we can thank you and welcome you as a member of the Bowdoin Pines Society.
- Make a charitable rollover gift from your IRA (if age 70½ or older): IRA rollover gifts have always been a popular giving vehicle for those who do not itemize deductions. With a rollover gift, you can rollover up to $100,000, fulfill your required minimum distribution (RMD) and avoid taking the RMD into your taxable income. Under the new Tax Cuts and Jobs Act of 2017, philanthropically-inclined people who qualify to make rollover gifts will discover that not taking distributions into income is equivalent to fully deducting a gift!
- Gifts of real estate: Many real estate markets are enjoying gains. If you have a second home, a summer cottage or undeveloped land that you no longer use or have plans for, consider donating it to Bowdoin—either outright or to fund a Charitable Remainder Unitrust. If you want to continue to enjoy your property but want to direct it to the College eventually, consider establishing a Retained Life Estate and receive an available charitable deduction. Donating appreciated real estate to Bowdoin is a tax-wise strategy to avoid paying capital gains tax.Visit our website for more information about making a gift to Bowdoin with real estate.
Talk With Your Tax Professional
Visit our gift planning website to learn more about the many ways you can make a gift to Bowdoin that will have impact and benefit future generations of Bowdoin students and faculty. Be sure to consult with your tax or financial advisors to determine the best charitable giving strategies for you.
We Can Help
The College is grateful for your generosity. If you are interested in exploring gift options, contact the Office of Gift Planning at email@example.com or 207-725-3172 for more information.