Can Form 8854 Charities 2023-2024

I'm Kevin McCormick of Kipling errors, here to share some knowledge that has the power to save you money on your taxes. Maybe a lot of money. As a year winds down and the holiday season ramps up, you may be thinking of sharing some of your good fortune with others. Our dear Uncle Sam and Washington encourage such generosity by giving a tax break to those of us who itemize deductions. I'm sure that you know that what you give to a qualified charity can be written off on your return. A one-thousand-dollar gift saved someone in the twenty-eight percent tax bracket two hundred and eighty dollars, knocking the real out-of-pocket costs down to seven hundred and twenty dollars. But if you're planning on a substantial year-end gift to your church or synagogue, for example, or maybe to a charity that conquers a disease that you particularly despise, let me say this: put away your checkbook. No, I'm not morphing into Ebenezer Scrooge. I'm saying there's a better way. Donate appreciated property like stock or mutual fund shares or real estate instead of cash. The beauty of following this advice is that as long as you've owned the asset for more than a year, the law allows you to deduct the full market value of the asset on the day of the gift, not just what you paid for it. You never have to pay tax on the appreciation that accrued while you own the property. And since the charity is a non-profit, it doesn't have to pay tax when it sells the asset either. It's a classic win-win situation. Let's say you're planning a generous twenty-five-thousand-dollar gift to a cause close to your heart. If you can trim your twenty-five thousand dollars in cash, the charity gets 25 grand, and you...