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Make noncash donations when cash flow is a problem
Year End 2010
Price: $225.00, Subscriber Price: $157.50
Word count: 1047
Abstract: Donating cash while the economy remains shaky can be difficult, but contributing noncash assets can help charities while minimizing the impact on one’s own cash flow. This article shows how noncash donations may allow a taxpayer to avoid capital gains tax. It also discusses how to determine value for different kinds of noncash property and document it to satisfy the IRS. A sidebar offers an example of the tax treatment of selling stock and donating the proceeds vs. donating the stock outright.