Note that this strategy makes sense only if the donor will itemize deductions; the larger the donation, the greater the itemized deduction, and the more tax benefit from the charitable contribution
. Therefore, it may make sense to contribute a large amount of appreciated securities in one year to a donor-advised fund, take a large upfront tax deduction, and then spread the contributions to a charity or charities over multiple years.
Some of these questions are not new: more than thirty states had enacted similar programs prior to December 2017, leading taxpayers to ask whether they could claim federal charitable contribution
deductions for donations to those programs notwithstanding the substantial state tax benefits that they received in return.
M2 EQUITYBITES-January 10, 2019-LICT continues shareholder designated charitable contribution
TELECOMWORLDWIRE-January 10, 2019-LICT continues shareholder designated charitable contribution
What counts as a tax-deductible charitable contribution
The board of directors of GAMCO Investors Inc (NYSE:GBL) authorised a contribution of USD0.20 per share under the company's existing Shareholder Designated Charitable Contribution
programme, for all registered class A and B shareholders.
One possible tactic would be for the Deans to make a deductible charitable contribution
of, say, $35,000 to a donor advised fund in late 2018, bringing their itemized deductions to $45,000: $21,000 over the standard deduction amount.
The tax bill increases the charitable contribution
deduction limit to 60 percent of ones adjusted gross income, up from the current 50 percent, but that isnt likely to affect many people, experts say.
The Siletz Tribal Charitable Contribution
Fund distributed $120,655 to 42 organizations May 5 during its quarterly donations to nonprofit groups that are located in 11 western Oregon counties.
Evelyn's estate, of which Eugene was the executor, and the IRS disputed the amount of the charitable contribution
for the transfer to the foundation.
The Treasury Inspector General for Tax Administration (TIGTA) estimated that more than 273,000 taxpayers claimed $3.8 billion in potentially erroneous non-cash charitable contribution
deductions in tax year 2010.