Gifts That Reduce Your Taxes — Catholic Extension

Gifts That Reduce Your Taxes

Explore Smart Ways to Make an Impact

You can foster the light of God’s love in isolated and under-resourced communities across the country. What’s more, you can also enjoy tax benefits from these gifts now, or you can establish a future gift that will pass tax benefits along to your loved ones.

Gift of Cash

Cash is the simplest asset to donate and the quickest way to make an immediate impact for Catholic Extension. If you want to further our work today and claim the entire amount of your gift as a charitable income tax deduction, consider a gift of cash. Make your gift online, via a check or money order, or with a wire transfer.

Gift of Securities

Transferring stocks, bonds, and mutual funds that have appreciated in value is an excellent way to create your legacy with Catholic Extension. You may claim an immediate income tax deduction for the full, appreciated value of the securities (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in value.

Here’s how it works:

  1. Inform your broker in writing that you wish to give appreciated securities to Catholic Extension. View our stock transfer instructions to provide specific information your broker will need to know when transferring your securities.
  2. Please let us know in advance that you have initiated a transfer of securities to Catholic Extension by contacting Steve Bochenek at (312) 795-6062 or sbochenek@catholicextension.org. This will help ensure efficient transmittal and proper acknowledgement of your gift for income tax purposes.
  3. Instruct your broker to include your name in the delivery instructions so that we can give you the proper tax receipt and accurately identify your gift.

For electronic transfer of stock, instruct your broker to transfer your shares directly to Catholic Extension’s brokerage account using the information below:

J.P. Morgan Private Bank
10 S. Dearborn, Floor 11
Chicago, Illinois 60603
(877) 576-3026
pb.service3026@jpmorgan.com

DTC Participant Number: 0902
Credit Account Number: P72500

FFC: Q67498008

FFC Account Name: Catholic Church Extension Society of the United States of America
Reference: [Your Name Here]

 

To send cash donations to Catholic Extension, instruct your broker to wire your donation to Catholic Extension account below:

J.P. Morgan Chase Bank

ABA: 021-000-021

Account Number: 816370746

Name: Catholic Church Extension Society of the USA
Reference: [Your Name Here]

Life Insurance

If you have a paid-up life insurance policy that you no longer need, you can make a large gift at little to no cost to you and help to foster the light of God’s love to Catholic communities in need. You can transfer ownership of the policy to Catholic Extension or name us as a beneficiary.

Transfer ownership: Giving a life insurance policy to Catholic Extension during your lifetime can help support poor faith communities in one of two ways. We can cash it in and use the proceeds immediately. In some cases, it might make more sense to retain the policy until maturity, and we would use the death proceeds to support our mission in the future. When you transfer ownership of the policy to Catholic Extension during your lifetime, you may receive an immediate tax deduction.

Another option is to take out a new life insurance policy and name Catholic Extension as owner and beneficiary. This allows you to receive a charitable deduction for any continuing premium payments you make (in the year the payment is made).

Beneficiary designation: Naming Catholic Extension as a beneficiary of your life insurance policy is another way to make a gift that is easy and costs you nothing now. It can be as simple as contacting your insurer and completing a Change of Beneficiary form.

Personal Property

A gift of artwork, coins, antiques, or other personal property can be an excellent way to support Catholic Extension. The tax benefits of the gift depend on whether Catholic Extension can use the property in a way that is related to its mission. Contact us to learn more about this type of gift — we would be happy to help you find the option that best fits your philanthropic goals.

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