Your End-of-Year Charitable Gifting Guide

With the end of another tax year and the holiday season upon us, December often brings more gifting to family, 朋友, 你的社区, and often your favorite nonprofit organizations. Here are some considerations and insights to help prepare you for a discussion about your charitable gifting strategy with your advisor.

Be Mindful About What Qualifies as a Charitable Gift

It is easier than ever to make a charitable contribution to almost anyone or any cause—anywhere--through an organization’s official website. You can choose to make a one-time donation or have a monthly amount debited from your personal account. 然而, not all donations qualify as a charitable gift in the eyes of the Internal Revenue Service (IRS).

经常, individuals believe that helping out a friend with medical bills or donating to a group or cause through a third-party website such as GoFundMe, Kickstarter, or 提前! 提高, 符合慈善捐赠的条件. 不幸的是, 在国税局眼中, these donation collection websites are typically classified as “crowdfunding” websites, donations are not considered “charitable,，而且不能免税.

What Qualifies as a Charitable Organization or 税 Deductible Contribution?

Charitable organizations that qualify for tax deductible contributions are listed in 78年出版，可以在美国国税局(IRS)上搜索 免税机构查询 工具. We recommend printing the results of your search and saving with your tax records. Contributions to certain governmental units exclusively for public purposes may also qualify. 你可以从这里开始搜索: http://apps.国Tax局.gov/app/eos/

Here are some general guidelines and considerations for identifying a qualifying contribution that may be tax deductible if you itemize deductions on your personal tax forms.

1. You gift something of value to a nonprofit organization. 可能是现金, 证券, or other tangible noncash items such as toys, 冬天的外套, 或者家居用品.
2. 现金以外的捐款, and publicly traded 证券 of $5,000 or more you must also obtain a qualified appraisal to include with your tax return. Work closely with your advisor and the receiving organization for these structured gifts.
3. 车辆的贡献, boats and airplanes have special rules, reach out to your advisor for these details.

做好详细记录

Obtain the proper written acknowledgement for your donation, no later than January 31, 2024. For gifts up to $250 a canceled check, credit card statement, or receipt is adequate. 如果你的礼物超过250美元, you must receive an official written acknowledgement from the nonprofit organization with required language including:

• 优德app下载的名字，
• 你的现金贡献金额, or a description (but not the value) of your non-cash contribution,
• a statement that no goods or services were provided by the organization in return for the contribution, 如果是这样的话,
• and a description and good faith estimate of the value of goods or services, 如果有任何, that an organization provided in return for the contribution.
• A Form 8283 is required for noncash contributions of $500 or more.

Limitations to Charitable Deductions

Charitable contribution deductions are subject to various limitations of your adjusted gross income. Below is a guide to serve as a general starting point. If your charitable contributions in 2023 exceed your applicable percentage limits, excess contributions may be carried forward for five tax years.

Other 税 Benefits Related to Philanthropic Activities

其他税收优惠, such as transportation costs and related expenses for volunteering are deductible, so be sure to keep detailed logs to substantiate any deductions. Noncash contributions fall into one of two categories:

1. Ordinary income and short-term capital gain property. 例子包括库存, 个人创作的艺术作品, 你制造的商品, short-term capital assets such as stock held less than one year.
2. Appreciated long-term capital gain property, such as stocks, bonds, mutual funds, real estate. 这些资产一般允许全额, fair market value deduction in addition to avoiding capital gains tax on any gains. Donating long-term assets provides a tax-efficient way to support your favorite charities.

最终, if you are charitably inclined and give regularly, aligning your charitable goals with your financial planning will amplify your gifts now and in the future. Reach out to your advisor for additional information, or you can 联系Redpath的顾问.