Each amount of $250 or more is treated as a separate contribution for purposes of the $250 threshold requirement for written acknowledgments. Churches and temples provide these receipts regularly. 5. Noncash gift? Additional reporting You must file IRS Form 8283 "Noncash Charitable Contributions" if the amount of all noncash contributions is greater than $500. Donations of property valued at $5,000 or greater (excluding publicly traded securities) require a written appraisal by a qualified, licensed appraiser. Read More Philanthropic Strategies for 2017 and Beyond There are several strategies that can be utilized to help you implement your philanthropic mission. While you can make gifts that solely benefit charities, you can also make gifts that provide you with financial benefits. Both offer the opportunity for immediate and deferred gifting. 6. Set up a Family Foundation Rather than making gifts directly to charities and surrendering any say as to the application of the gifts thereafter, a Foundation allows you to retain control over the administration and investment of the assets that you have earmarked for future grant-making, while enjoying the full benefit immediately of a charitable income tax deduction -- up to 30% of your adjusted gross income for cash gifts and 20% for gifts of appreciated stock. By making gifts to charities in increments over time, you and your family can maximize your influence over their ongoing use to the selected charities. Presently, your estate would benefit from an estate tax deduction equal to the fair market value of any assets passing to the Foundation at your death.However, under President-Elect Trump's tax proposal, contributions of appreciated assets to a private foundation established by the decedent or the decedent's relative would be disallowed.
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