A: If you’re like many Americans, donating to charity can be an appealing way to help people in need while also quietly taking “credit” for it though your taxes in the form of a credit. What some people forget though is how to get the most “bang for their buck” when it comes to donating to charity. For those that are planning to make a charitable gift, more times than not it usually makes the most sense to donate an appreciated long-term capital asset versus selling the asset and giving the charity the after-tax proceeds. By donating the asset instead of the cash, you can avoid the capital gains on the sale AND you can get a deduction for the full fair-market value of the property. Be sure to consult with your wealth coach to ensure the best strategy for your situation.
See more : Financial Independence | Real Estate Investing Program
No comments:
Post a Comment