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Save on Taxes Two Ways!

Save on Taxes Two Ways

Here are two ways to enjoy tax savings for 2012 while helping fund life-saving research and effective treatments for people with blood cancers:

David & Ellen have been loyal LLS supporters for many years, typically making their donation at year-end.  This year they decide to donate appreciated stock instead of simply sending a check.  Here's how they benefit:

Current value of the stock:  $30,000
Cost basis of the stock (the original purchase price):  $15,000
Capital Gains Tax Avoided:  $2,250*
Income tax deduction:  $30,000
*based on long-term capital gains tax rate of 15%

If you fund an LLS charitable gift annuity with your appreciated stock (our minimum donation to fund a gift annuity is $10,000), you will receive fixed annual payments in addition to immediate income and capital gains tax savings.  At the end of your life, the remaining balance of the annuity will be used to help fund life-saving research.

Bob is 79 years old and creates a $25,000 LLS charitable gift annuity using stock he has held for many years. He originally paid $10,000 for the stock. See how Bob benefits, in the first year**:

Capital Gain that will never be taxed: $6,805.35
Charitable Deduction: $11,342.25
Gift Annuity Annual Payment Rate: 6.6%
Gift Annuity Annual Payment: $1,650
Tax Free Portion of his Payment: $551.76
Capital Gain Income: $827.64
Ordinary Income: $270.60
**Remaining gain will be reported over 9.9 years. Based on the October,2012 IRS Discount Rate of 1.2%.

If you would like assistance in donating or creating a charitable gift annuity with appreciated securities contact Laura Lewis at 1(888) 773-9958 or by e-mail at legacy@lls.org and request a customized, no-obligation example.

last updated on Tuesday, November 27, 2012
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