There are so many different ways you can give and how you would like to give can be completely tailored to fit your particular wishes. Listed below are some of the most common types of charitable giving.
A gift to West Texas Rehab can be as simple as mailing a check, making a donation online, by bank draft, or credit card. Your donation is completely tax deductible, but be aware of the annual limitation the IRS has placed on donors. Your first year deduction cannot exceed 50% of your adjusted gross income. If your donation is larger than that, you may claim deductions in the following 5 years up to that maximum amount. This means that you can carryover the deductible amount for the next five years.
Gifts of Personal Property
When considering a gift, remember that valuable collections, works of art, and other forms of tangible personal property can be used as contributions. By donating such items during your lifetime, you can reduce the size of your taxable estate and you may also receive a charitable income tax deduction in the year of the gift.
When you make an outright gift of real property held for more than one year, you obtain an income tax charitable deduction equal to the property’s full fair market value. This deduction allows you to offset the cost of making the gift and may free cash that otherwise would have been used to pay taxes. You also may avoid capital gains taxes on the property’s appreciation.
Gifts of Stocks, Bonds, and Mutual Funds
If you donate appreciated securities to West Texas Rehab, you can avoid the capital gains taxes and you may be able to take the full market value of the gift as a charitable deduction. The maximum deduction is limited to 30% of your adjusted gross income. If you are unable to take the entire deduction in one year, you may carry the excess deduction forward for five additional years.
A Will is a legal document that directs the distribution of your estate after your passing. This can include liquid assets, real estate, and personal property. Most people make a Will so that they can share their possessions with people they care for, or institutions they believe in. In effect, your will becomes the document directing your last intentions and assures that your wishes are followed. We highly recommend that you utilize the services of an attorney to prepare your will.