Charitable Giving Tips For End Of Year Donations 0
Posted on 10, December 2018
in Category Featured
What to do in order to ensure you can claim a charitable deduction for 2018:
For donations of cash (including checks), your donation must be either postmarked or personally delivered on or before Dec. 31.
- For donations of stock, your stock must be transferred out of your account on or before Dec. 31.
- For donations via credit card, your credit card donation must be processed on or before Dec. 31.
* Note, if you are 70 ½ or older you can distribute up to $100,000 from your IRA directly, tax-free. The potential tax savings is available to both those who itemize and those who do not.
Donating long term appreciated securities can provide additional tax benefits
- When you donate long term appreciated securities, you can claim a charitable income tax deduction for the fair market value of the securities on the date of transfer, no matter what you originally paid for them.
- You pay no capital gains tax on the transfer. For example, if the securities originally cost $2,000 and now have a fair market value of $10,000, you do not pay tax on the $8,000 gain and you may claim a charitable income tax deduction for $10,000.
***Please Note: A different tax rate may apply to you and, accordingly, the charitable benefit you receive may vary. ***Gifts of securities may be deductible up to 30% of your adjusted gross income, however, excess deductible amounts may be carried forward for five years. Please consult with your professional advisor to determine your specific situation.
For more information, please contact Dayna Hayden, Director, Development, firstname.lastname@example.org or 203-365-6409.