As you plan your charitable contributions, we hope that you will consider the Local Office on Aging. Not only can we put your gifts to good use, we can also save you tax dollars through the charitable deduction and the avoidance of capital gains.
If you itemize, you can lower your income taxes simply by writing a check. Checks may be made out to LOA and mailed to P.O. Box 14205, Roanoke, VA 24038-4205.
Gifts of cash are fully deductible – up to a maximum of 50% of your adjusted gross income. For example, if your adjusted gross income for this year is $50,000, up to $25,000 of charitable gifts may be deducted this year. Any excess can generally be carried forward and deducted over as many as five subsequent years. LOA is a private, non-profit agency recognized as tax-exempt by the IRS under Section 501(c)(3), Tax ID Number (EIN): 54-0916248
Your sponsorship donation will help seniors in need in our community, by underwriting the costs of one of our signature events: Soup for Seniors, the Health Fair, or Let’s Give Lunch. Your business will be seen by thousands of older adults in the Roanoke/Botetourt/Alleghany/Craig areas.
LOA’s Emergency Food Pantry provides an emergency bag of food filled with shelf-stable meal equivalents for our service recipients who have an urgent need. Since many of our seniors live alone, we especially need individual single serving size food items.
LOA partners with the Roanoke Valley SPCA for the Pets Eat Too (PET) Program. The partnership enables LOA volunteers to provide weekly deliveries of cat and dog food to Meals on Wheels recipients that need pet food. Dry dog food and dry cat food donations are needed: donations can be dropped off during normal business hours at the Roanoke Valley SPCA, 1340 Baldwin Ave NE, Roanoke, VA 24012. Designate that your donation is for the Pets Eat Too (PET) Program for Meals on Wheels.
Do you have a shower chair or rollator that you would like to send to a good home? Items that our seniors often request include walkers, rollators, bath benches, shower chairs, wheelchairs, and canes. LOA partners with the F.R.E.E. Foundation, who refurbishes gently used durable medical equipment that is then donated to LOA service recipients who have a need. Equipment donations in the Roanoke area may be dropped off at: Goodwill Donation Center, 1489 East Main Street, Salem, VA 24153. Let them know your donation is for the F.R.E.E. Foundation for LOA.
Did you know that you can donate a vehicle to LOA? Our vehicle donation program makes it easy, with free pick-up and paperwork for your tax-deductible gift. If you don’t want the hassle of selling your old car, truck, boat, or RV, consider donating it to support LOA. Turn that old beloved car into a vehicle for change! Get started by clicking the button below or call to learn more.
844-411-5768
If you own stock, it is often more tax-wise to contribute stock than cash. This is because a gift of appreciated stock generally offers a two-fold tax savings. First, you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax deduction for the full fair market value of the stock.
For example, if you purchased stock years ago for only $1,000, and it is now worth $10,000, an outright gift of the stock to us would result in a charitable contribution deduction of $10,000. In addition, there is no tax on the $9,000 of appreciation.
To qualify for these significant tax advantages, you will need to ensure you have owned the stock for a “long-term” period of time. This generally means that you have held the stock for more than one year.
Gifts of appreciated stock are fully deductible – up to a maximum of 30% of your adjusted gross income. For example, if your adjusted gross income is $100,000, up to $30,000 of long-term, appreciated stock and other property gifts may generally be deducted this year. Any excess can usually be carried forward and deducted over as many as five subsequent years.
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A gift of real estate can also be tax wise. A residence, vacation home, farm, acreage, or vacant lot may have appreciated in value through the years and its sale would mean a sizable capital gains tax. By making a gift of this property instead, you would avoid the capital gains tax, and, at the same time, receive a charitable deduction for the full fair market value of the property.
It is also possible to make a gift of your residence, farm, or vacation home so that you and your spouse can continue to use it for your lifetimes, while you receive a current income tax deduction. For example, The Smiths own a vacation home in the mountains that they would like to continue using. Its fair market value is $100,000. By contributing the home to the LOA right now, but retaining the exclusive right to use it for the rest of their lifetimes, the Smiths are able to achieve a current income tax charitable contribution deduction of approximately $25,000. The precise amount depends upon their ages, the useful life of the house as well as other factors.
A gift of life insurance can provide a significant charitable deduction. You could purchase a new policy or donate a policy that you currently own but no longer need. To receive a deduction, designate the LOA as both the owner and beneficiary of the life insurance policy. Check with your insurance agent for the details.
Please contact Laura Anderson, Development & Volunteer Coordinator, at landerson@loaa.org or (540) 345-0451 extension 3055 if you have any questions about making a gift to the Local Office on Aging. Thank you!