Jill and Harry have always set aside a small portion of their budget for charitable donations. In addition to feeling good about supporting a number of worthy causes, they’ve been able to deduct—from their federal income tax return—all the charitable gifts they’ve made. Now, the couple think it is time to make a rather substantial charitable […]
Complexity Reigns When Claiming a Charitable Deduction
When contemplating making a significant gift, the charitably inclined are well advised to exercise some foresight. Similar gifts made in different ways will yield remarkably different results. The treatment of your gift for federal tax purposes will vary depending on the type of asset donated, the type of charitable organization receiving the gift, and your […]