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Selling the shares would create a $90,000 capital gain, but donating the shares would create a full-value $100,000 deduction and allow the investor to avoid the capital gains tax. 3.
If using charitable deductions is one of the strategies you're planning to use to reduce your 2022 tax liability, you're running out of time to max out your contributions. Additionally, there are...
According to J.P. Geisbauer, a Certified Public Accountant (CPA) at CenterPoint Planning, “With [the] standard deductions as high as they are… and the $10K state and local tax deduction ...
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005:
If a donor is contributing property that would have yielded a long-term capital gain in a sale, then the deduction for the contribution is limited to 30% of donor's adjusted gross income in the year of donation if the donee is a public charity, and limited to 20% if the donee is a private foundation. Contributions over the respective AGI ...
This charitable giving can help cut back on your taxes.
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