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Let’s say you are LeBron James. And you/Lebron, volunteer often for your favorite charity. Can you deduct the value of your services? No, not even a superstar athlete can deduct the value of his services. The IRS does not allow a charitable deduction for volunteering your time. However, out of pocket expenses relating to volunteering […]
Famous Irish writer Oscar Wilde said, “I have the simplest tastes. I am always satisfied with the best.” Here are a few of my best ideas about stretching your charitable dollar. Why not give now, rather than later? Let me tell you about my imaginary friend, Aideen O’Murphy. Aideen intends to donate to charity eventually, at […]
A charitable donation is deductible to the extent the donation exceeds the value of any goods or services received in exchange. So what happens when you donate to your favorite charity and receive something tangible in return? This is the issue of “quid pro quo” in charitable gift law. Quid pro quo (“something for something” […]
TAX CONSEQUENCES OF THE GIFT OF YOUR HORSE TO CHARITY Introduction Today the Preakness is being run, so what about a gift horse? You could sell your horse and donate the proceeds; then we’re talking about a cash gift. But if you’ve owned the horse more than two years, the horse could be treated as […]
I love National Public Radio and Iowa Public Radio. Wait, let me amend that: I LOVE NPR and IPR! NPR and IPR provide the soundtrack to our lives. I’m a constant listener, Monica even more so. On this date in 1971 — May 3 — the afternoon drive-time newscast All Things Considered first aired. So this […]
Introduction You could sell your horse and donate the proceeds; then we’re talking about a cash gift. But if you’ve owned the horse more than two years, the horse could be treated as a long-term capital asset. [Generally speaking, you only have to own property for more than one year to claim long term capital […]
Happy Monday to all. Here’s a new tax tip. A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax. But there are record keeping requirements to claim the charitable deduction. Substantiation of gifts of $250 or more For any contribution of either cash or property of […]
If you’re growing an art collection it brings up an interesting situation: how do you incorporate your prized pieces into your estate plan? Sure, you likely don’t have an authentic da Vinci, Renoir, or Klimt just hanging in your living room, but maybe you have a couple of pieces you inherited or a burgeoning modern […]
Thanks for reading the 25 Days of Giving series. Each day through December 25, I’m covering different aspects of charitable giving for both donors and nonprofit leaders. Have a topic you want to be covered or questions you want to be answered regarding charitable giving? Contact me. I’ve covered the term quid pro quo in […]
Thank you for reading the 25 Days of Giving series! In the spirit of the holiday season, I’m covering different aspects of charitable giving…perfect to get you thinking about your end-of-year giving. There are many, many reasons Iowa is a great place to live and work. One reason is the Endow Iowa Tax Credit Program—a […]