Hamilton County farmers can help their community by giving commodity donations to Legacy Fund, and save the taxes at the same time. The farmers do not have taxable income from selling the production if the legal ownership of it is firstly transferred to charity organization. So the cogent taxes are saved, but they still may deduct the costs of commodities. It could be grain, corn, or soy beans, it does not matter.“Grain gives us another option of dealing to the fund, says Craig Wallace, owner of Wallace Grain Company in Sheridan, Indiana - giving is a great business!” Craig donated soy beans to Legacy Fund to give additional funding for the fund in the name of his parents. He also advised two farmers to do the same because the savings were really compelling.
“Gifts like Craig’s make incredible sense,” said Terry Anker, president, Legacy Fund. “First and foremost, gifts of grain enable farmers such as Craig to give back to their community and make a real difference in Hamilton County. They may also provide financial and tax-based benefits for the donor, and that’s especially important in today’s economy.”
As Hamilton County’s community foundation, Legacy Fund, an affiliate of the Central Indiana Community Foundation, can accept gifts of commodities directed to a particular foundation fund. Before making such donations farmers should consult their tax advisor or accountant and notify our organization about the intention of giving.
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