Giving doesn't have to come from cash. For many supporters, a gift of stock or a distribution from a retirement account is a tax-smart way to help older adults in Hampton Roads. Both are easy to set up, and we'll walk you through it.
Gifts of Stock
A gift of stock is a donation of publicly traded shares transferred directly to Senior Services rather than sold first. When you give appreciated stock this way, you may avoid capital gains tax and still receive a charitable deduction for the full value.
To make a stock gift, first contact our Development Officer with your name, the stock and number of shares, your brokerage firm, and your expected transfer date. Then ask your broker to transfer the shares to our account:
- Account name: Senior Services of Southeastern Virginia
- Tax ID (EIN): 54-6069786
Once the shares arrive, we sell them as soon as we're able and send you a written acknowledgment. Your brokerage statement establishes the gift's value for tax purposes.
Gifts from Your IRA
If you're 70½ or older, you can give directly from a traditional IRA through a Qualified Charitable Distribution (QCD). A QCD can count toward your Required Minimum Distribution, may reduce your taxable income, and benefits you even if you take the standard deduction. Eligible donors may give up to $100,000 per year this way, and the gift must be made payable to Senior Services. Your financial advisor can confirm what works best for you.
To get started with either gift, contact Kelley Hohorst, Development Officer, at khohorst@ssseva.org.