Gifts of assets other than cash can be a substantial and tax-wise way to support The American Truck Historical Society. Whether you donate land, stock, artwork, life insurance, or retirement assets, your gift always helps support the critical work of the American Truck Historical Society. Contact an ATHS gift planning professional to learn about the many different options.
- Appreciated Securities– donating stocks, bonds, or mutual funds to The American Truck Historical Society is a simple and tax-wise way to give. Simply transfer the securities to ATHS, and the organization will sell them and use the proceeds for conservation work. In most instances, a donation of appreciated securities (held for more than 1-year) receives both a charitable deduction for the full market value of the asset as well as no capital gains tax on the transfer.
- IRAs– If you are 70 ½ or older, you can make a tax-free distribution from your IRA to The American Truck Historical Society. These “Qualified Charitable Distributions” (QCD) allow individuals to donate up to $100,000 each year without incurring income tax on that amount of their withdrawal. It’s an efficient way to support ATHS and can help individuals save significant taxes. QCDs must be made directly from the custodian of your IRA to The American Truck Historical Society. They must be received and cashed within the calendar year to satisfy your required minimum distributions. If you’re under the age of 70 ½, you can still support The American Truck Historical Society with your IRA. Simply make a withdrawal and donate the proceeds after taxes. Please consult your tax and/or financial advisors prior to making these gifts.
- Personal Property– Do you have an asset that you don’t use, that is costly to insure and/or maintain? Making a gift of tangible personal property to The American Truck Historical Society can be a smart way to save on costs while supporting the organization’s work. ATHS may sell the item to fund conservation work or hold the property for use or display. For example, an individual who wants to support ATHS and preserve cash can give an antique bamboo fly rod, a valuable piece of artwork, or a boat.
- Real Estate– If you are thinking of selling land, a residence, or a building, consider making a gift to The American Truck Historical Society. Donating real estate gives the donor a full fair market value tax deduction of the property, and if it’s a primary residence, it could eliminate costly capital gains. For example, if you sell your primary residence, you can exclude up to $250,000 ($500,000 if you are married) of capital gains tax. Other benefits range from avoiding the hassle of selling or managing a property, to reducing the size of your taxable estate.
- Life Insurance– Whether it be recently issued, existing, or paid-up, gifting a life insurance policy to The American Truck Historical Society is another way to support the organization you love. Individuals may find that they no longer need the coverage they initially purchased, and when you name ATHS as an owner of a life insurance policy, you receive a charitable income tax deduction. You may also name ATHS as a beneficiary of a policy and maintain its ownership, but either way, you support conservation and reduce your taxable estate.