St. Petersburg Opera: Where stars shine and music LIVES!
Opportunities for Investment in St. Petersburg Opera
Gifts of Cash or Appreciated Securities
Gifts made during your lifetime generate an income tax charitable deduction and are removed from your estate and thus are not subject to estate taxes.
Cash gifts are deductible for federal income tax purposes up to a limit of 50% of your adjusted gross income, assuming you itemize deductions. There are some limits on deductions for high income taxpayers. If your cash gifts exceed the limits, there is a carryover provision for up to five additional years.
You can give stocks or bonds that you have held for more than one year without incurring any capital gains tax. The tax deduction is based on the appreciated value of the securities, up to 30% of your adjusted gross income. Carryovers of up to 5 years also apply.
You can make a gift from your IRA (or other qualified retirement account) and avoid the taxes that would normally accrue to a distribution. This is especially attractive if you are 70-1/2 or older and are required to take a minimum distribution each year. When the recipient of the funds is a charity, the distribution is not taxed.
Life-income gifts, including charitable remainder trusts and charitable gift annuities allow you to make a significant gift while still retaining income from the asset, for a period of years or your lifetime. Life income gifts have a number of appealing aspects:
Income can be paid to you or your beneficiary
The charitable tax deduction is available immediately for a portion of the value of the gift
If the gift is funded with appreciated stocks or bonds, the is favorable treatment of the capital gains.
Real property gifts
Real property like houses, commercial buildings, and land can be donated as an outright gift, as a life income gift, as a life estate, or via a bequest in your estate. Gifts of real estate provide many of the same benefits as gifts of other assets: charitable deductions, capital gains tax avoidance, gift and estate tax reductions, and the opportunity to create a legacy.
A bequest is often interpreted to be a statement in your will that designates a portion of your estate to be distributed to charity. However, you can accomplish the same thing by naming a charity as the beneficiary of your life insurance, retirement plant, or IRA, or through a revocable or irrevocable trust. You can make unrestricted gifts or gifts restricted to a specific purpose.
A bequest via a qualified retirement account has the same tax benefits as regular distributions from the IRA or retirement account, but it also avoids estate and generation-skipping taxes.
As you will have received no goods or services in exchange for the gift, contributions are fully deductible to the extent of the law. St. Petersburg Opera is registered with the State of Florida as a charitable organization, #CH28869. A copy of the official registration and financial information may be obtained from the division of consumer services by calling toll free (800-435-7352) within the state. Registration does not imply endorsement, approval or recommendation by the state.