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.