Objective
- Be familiar with the tax implications on various types of donations and the tax strategies to minimize the tax
- Navigate charitable giving and properly report noncash charitable contributions on Form 8283
Highlights
- Which organizations are qualified to receive contributions?
- Types of charitable contributions taxpayers can deduct
- The deduction for quid pro quo contributions
- Strategies for donating property that has decreased/increased in value
- Figuring the deduction for contributions of capital gain property
- Importance of timing when making contributions
- Considering QCDs if a taxpayer is at least 70 ½
- Specifics of donor advised funds
- Deduction may be limited to 20%, 30%, 50%, or 60% of adjusted gross income depending on type of property donated
- How to figure your deduction when limits apply
- Contribution carryovers when your donation exceeds limits
- What written statements should be received from qualified organizations?
- What records should taxpayers keep?
- Substantiation requirements for cash contributions of less than/more than $250
- Substantiation requirements for noncash contributions of less than $250 to over $500,000
- When does taxpayer need an appraisal?
- How and where to report contributions for individual income tax reporting
Designed For
Accounting and finance professionals dealing with charitable contribution planningPrerequisite
NoneAdvanced Preparation
None