Gifts of Commodities
Did you know your donation of grain and other commodities, including livestock and other non-cash assets, to Moody Bible Institute can make an immediate impact in the world for Jesus?
When you transfer legal ownership of commodities to Moody prior to selling, you will not realize taxable income from the sale, you will be able to deduct the entire cost of their production and realize tax benefits.
Plus it's easy! Your donation of grain or livestock can be processed at the same place it is normally shipped. The broker will sell the commodities and send the proceeds from your gift to Moody Bible Institute for ministry!
Benefits of giving Commodities
- Reduce your taxable income. Unlike gifts of cash, when you transfer ownership of a commodity before it is sold, you can eliminate the amount of the gift from your taxable income—even if you take the standard deduction. Cash basis, active producers may reduce their federal income, state income and self-employment taxes.
- Deduct your production costs. You may also claim a business deduction for the production costs of the commodity (such as fertilizer or irrigation), regardless of whether those costs occurred in the current year or prior years.
Consult your tax advisor to determine if a commodities donation is appropriate for your tax circumstances.
Contact us
If you have any questions about gifts of commodities, please contact us. We would be happy to assist you and answer any questions that you have.
