October 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
- 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
Monroe Shine & Co., Inc.
This article was originally posted on October 3, 2012 and the information may no longer be current. For questions, please contact GRF CPAs & Advisors at firstname.lastname@example.org.