Estate Planning and Gifts to Charity

When making gifts to charities, keep in mind the following:

  • Give away appreciated stock which you have held for more than a year. You can deduct the market value of the stock, and you do not owe capital gains tax.
  • Get receipts in writing from the donee for gifts over $250.
  • If you are over 70 1/2 years old, transfer up to $100,000 from an IRA to charity and none will be included in your income. It will also count toward the required minimum distribution.
  • If you donate a car, you can deduct only what the charity actually sells it for.

Consult your estate planning attorney for further information.