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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.

The rules and regulations in the Government Contracting industry are complex and Judy Lasley does an excellent job of educating me on how to wisely calculate, set and defend rates, as well as the long-term consequences of choosing the wrong rates.

John Cates |  President and Chief Executive Officer
Global Intelligence, Inc.