About Kingdom of God International Fellowship
The Kingdom of God International Fellowship is a 501c3 Non-profit Charitable Organization Church and Fellowship.
Your donation is tax deductable.
IRC Section 170 allows taxpayers to deduct charitable contributions made to qualified organizations, provided the gift is made within the taxable year and no significant consideration is received in return
. It covers donations of cash, property, and specific conservation easements, with deduction limits generally ranging from 20% to 50% of Adjusted Gross Income.
Key aspects of IRC Section 170 include: Substantiation: Contributions of $250 or more require written acknowledgement, and non-cash gifts over $5,000generally require a qualified appraisal.
Carryover: Excess contributions that exceed the annual deduction limit can be carried over for up to five succeeding taxable years.
Corporations: Accrual-basis corporations can deduct contributions authorized by the board in the current year if paid by the 15th day of the fourth month after the tax year-end.
Partial Interest: Generally, contributions of less than the donor's entire interest in property are not deductible, with specific exceptions.
Qualified Organizations: Contributions must be made to organizations described in Section 170(c), such as non-profits, churches, or government entities.
Types of Contributions: Includes cash, capital gain property, and ordinary income property. Limitations: Deductions are subject to percentage limitations based on AGI (typically 50% or 60% for cash, lower for property)
. It covers donations of cash, property, and specific conservation easements, with deduction limits generally ranging from 20% to 50% of Adjusted Gross Income.
Key aspects of IRC Section 170 include: Substantiation: Contributions of $250 or more require written acknowledgement, and non-cash gifts over $5,000generally require a qualified appraisal.
Carryover: Excess contributions that exceed the annual deduction limit can be carried over for up to five succeeding taxable years.
Corporations: Accrual-basis corporations can deduct contributions authorized by the board in the current year if paid by the 15th day of the fourth month after the tax year-end.
Partial Interest: Generally, contributions of less than the donor's entire interest in property are not deductible, with specific exceptions.
Qualified Organizations: Contributions must be made to organizations described in Section 170(c), such as non-profits, churches, or government entities.
Types of Contributions: Includes cash, capital gain property, and ordinary income property. Limitations: Deductions are subject to percentage limitations based on AGI (typically 50% or 60% for cash, lower for property)
Sections 2055, 2106, and 2522 of the Internal Revenue Code provide federal tax deductions for charitable transfers. Section 2055 applies to estate tax deductions for citizens/residents, 2106 covers estate tax deductions for nonresidents not citizens, and 2522 applies to gift tax deductions. These sections allow deductions for gifts to qualified organizations for religious, charitable, scientific, literary, or educational purposes.
Key Aspects of the Sections:
Key Aspects of the Sections:
- Section 2055 (Estate Tax): Allows a deduction from the gross estate for the value of property transferred to charitable organizations. It requires that the transfer be to a qualified organization (e.g., 501(c)(3)) and that no part of the net earnings inures to private individuals.
- Section 2106 (Nonresident Estate Tax): Specifies that deductions for nonresidents not citizens are allowed for charitable transfers, but only if the executor discloses the value of the part of the gross estate not in the United States.
- Section 2522 (Gift Tax): Allows a deduction in computing taxable gifts for the calendar year for gifts made to or for the use of qualified organizations. It applies to both outright gifts and certain partial interests, such as a remainder interest in a farm.
T H E T E A M
The King's Ministries International Fellowship is a non-profit 501.C3 Biblical Fellowship & Ministry that has over 50 Years of combined ministry experience, with senior members having planted churches and ministries around the world with the foundational creed being the fiery love of God incarnate as the Person of Jesus Christ. Weekly Online & IN-Person Service.
The King's Ministries International Fellowship is a non-profit 501.C3 Biblical Fellowship & Ministry that has over 50 Years of combined ministry experience, with senior members having planted churches and ministries around the world with the foundational creed being the fiery love of God incarnate as the Person of Jesus Christ. Weekly Online & IN-Person Service.
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