Donate to Charity for Tax Benefits

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Most people donate to their favorite charities especially at this time of the year. The IRS encourages this by giving you tax benefts. Most of us know that donations in cash will make you eligible for tax deductions. All charities will accept checks and most would also accept gifts designated for specific activities you like. If you wish to designate your gift toward a particular effort of your charity, just make your wishes known to them.

You can also gain tax benefts is by giving gifts of property to your charity. All you need to do is itemize the gifts you gave on your income tax return and you can deduct the value of your gifts. This category of gifts may include household personal property, investments, real estate and land. If you sell the property and donate the cash proceeds you can be exempted from the capital gains tax.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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