Year End Giving Tips
The recent CARES Act made some changes related to charitable giving for people. If you’re looking to make a year-end contribution in a way that can still potentially benefit your tax situation, the following are a couple suggestions:
Initiate Gifts of Stock or Other Securities
Take advantage of market growth by considering a donation of appreciated stock held for more than 1 year. You will avoid capital gains taxes on the appreciation of the donated stock and claim an immediate deduction for the current fair market value of the stock (up to 30% of adjusted gross income).
Use Your IRA
If you are 70½ or older, under the IRA Charitable Rollover Law, you are able to give up to $100,000 to Beth El by making a Qualified Charitable Distribution (QCD). Even though Required Minimum distributions (RMD) have been suspended for this year and delayed to 72, QCDs can still be used and are eligible starting at age 70½.
Information provided in this message is not intended as legal or tax advice. Please consult your professional advisor for information on how any gift may affect your tax situation.