Best Charitable Gifts to Make in 2018
With the introduction of tax reform this year, you may be looking at your finances and wondering how you can continue to be charitable. There are many ways you can make a difference at St. Xavier High School while enjoying financial benefits for yourself.
Here are some smart ways to give in 2018:
- Donate appreciated stock: With the stock market at or near all-time highs, give your appreciated stocks to a nonprofit like St. Xavier High School and eliminate capital gains tax.
- Name us as a beneficiary of retirement plan assets: These assets remain taxable when distributed to a loved one but are tax-free when given to a nonprofit.
- Give from your IRA (if age 70½ or older): Regardless of whether you itemize your taxes, this gift helps you fulfill your required minimum distribution and is not considered taxable income.
- Gifts of real estate: Many real estate markets are enjoying gains. Appreciated real estate may be subject to capital gains tax unless donated to charity or transferred to a charitable trust.
- Donor-advised funds: This type of gift is growing in popularity. If the gift is large enough, you may be able to itemize your deductions that year. In subsequent years, when your deductible expenses are not large enough to itemize, you can recommend that the fund administrator make a distribution to a favorite charity.
A New Giving Strategy
Bunching, bundling or front-loading gifts has emerged as another opportunity to maximize benefits. You can give more to St. Xavier in one particular year over another to exceed the standard deduction and itemize instead.
Talk With Your Tax Professional
Please consult with your tax or financial advisors to determine the best charitable giving strategies for you.
We Can Help
We are so grateful for your generosity. Please contact one of our Major and Planned Gifts Officers to discuss how your gift can help further our mission.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.