If you choose to make a donation through your IRA to a registered charity, you must report the transfer. An IRA trustee must useIRS form 1099-Rto report the QCD on an account owner's annual tax return.Owners should also keep records of the donation date, the account from which the donat...
Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. The Internal Revenue Service (IRS) requires you to calculate your tax deduction in one of two ways, depending on how the charity uses your donation: Ded...
Consult with a financial planner to gain the maximum tax benefit.The boom-time wisdom was to give appreciated real estate straight to charity -- as opposed to selling it and giving the charity the proceeds -- because that way you avoided paying capital gains taxes. In today's market, howeve...
Fair market value is not determined by the charity you’re donating to. Regardless of the scenario, the Internal Revenue Service (IRS) requires the amount of your deduction to be supported by documentation that notes the date of donation and the charity, as well as other information. If the...