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Monthly Tax Tips

Non-Cash Assets: An Option for Satisfying Year-End Charitable Giving

Gelman, Rosenberg & Freedman CPAs is a member of CPAmerica International, an association of CPA and consulting firms that provides industry knowledge including insightful articles, to help member firms serve clients and other individuals and organizations.

Oct 3, 2012

Is it time to start thinking about year-end charitable gifts and bequests – but you’re short on cash?

Have you considered non-cash asset contributions?

When most people think about donating non-cash assets, they generally consider the donation of appreciated stock only, but you should also consider the following:

  • Real estate
  • Closely held stock
  • LLC and partnership interests
  • Life insurance and annuities
  • Mineral interests
  • Restricted stock
  • Stock options
  • Collectibles/art
  • Intellectual property

Satisfying year-end charitable gifts and bequests with non-cash assets requires satisfying substantiation provisions of the IRS Code and is subject to certain limitations. Please consult your tax adviser for additional details.

This tax tip contributed by:

Phillip D. Beaman, CPA
Shareholder 
Monroe Shine & Co., Inc.

In the years that I have been working with Robert Albrecht, he has proven to be one of the most productive, reasonable and reliable auditors I have ever worked with. He takes his time analyzing the audit conditions at HQ and mission level before the audit to ensure that the time spent at our facilities is productive and can be 100% dedicated to the important task of finishing a reliable, complete audit in a timely manner

Luis M. Garcia |  Director of Finance
Action Against Hunger (ACF) International