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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.

Their tagline "Personal Attention Will Never Become Obsolete" sums up every interaction with have with their staff at all levels and the commitment and advice we have received from David Graling and Terri McKnight is exceptional.

AAMFT, Christine Michaels |  Chairman, Principal
The American Association for Marriage and Family Therapy (AAMFT)