Celebrating 70 Years of Service
4 Non-Cash Gift Ideas
These days, cash gets spread pretty thinafter everyday expenses and saving for the future, what's left? You may not feel comfortable giving cash today when you don't know whether you'll need that money tomorrow.
If this sounds like you, it might make more sense for you to support your favorite causes by donating assets you no longer need, instead of cash. Here are four examples of non-cash assets you can give to Assistance League of Long Beach to help support our mission.
Stocks and Securities
When owned longer than one year, appreciated securities are deductible at their full present fair market valuewith no tax on the appreciation. Here are three ways to donate these assets:
Depending on the donation method you choose, you can benefit from income and capital gains tax savings while possibly increasing your annual income. Some options to consider include:
Depending on the unique circumstances of your gift, you may receive significant tax benefits. There are two major ways that people use life insurance to support our cause:
Tangible Personal Property
Gifts of items that can be touched or movedfor example, art or other collectiblescan provide you with the most favorable tax benefits if they are used in relation to our mission. Assuming you've owned the related property for more than 12 months, you may claim an income tax deduction for its fair market value, even though your cost may have been a fraction of its current value. Plus, you pay no capital gains tax. Otherwise, if the item is not related to our mission, your deduction is based on its cost basis.
For more information on alternative ways to give or for help in deciding the best gift option for you, contact Annette Kashiwabara at (562) 627-5650 or email@example.com obligation.
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
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