Tax Update: 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. The Tax Reform Act provides for lowers tax rates, nearly doubles the standard deduction, eliminates personal exemptions and, almost all itemized deductions. Although the legislation maintains the income tax charitable deduction, some taxpayers may find themselves in a better tax position taking the standard deduction rather than itemizing charitable deductions.
There are many ways you can make a difference at Memorial Sloan Kettering 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 MSK and eliminate capital gains tax.
- Name MSK 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.
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 the Office of Planned Giving at giftplanning@mskcc.org or 800-688-1827 to discuss how your gift can help further MSK's research and patient care.