Make your year end charitable giving tax efficient.
By Lou Friedman
If you have stocks or other publicly traded securities that are worth more than what you paid for them, consider using these for your gift to {insert name of car museum}.. You avoid paying tax on the gain and get a deduction for the full current value. If you were going to gift cash, consider gifting appreciated securities and using the cash to purchase replacement securities. You will have a higher tax cost and reduce future gains. .
If you are 72 or older have some of your Required Minimum Distribution go directly to your favorite non-profit and you will avoid income tax on the distribution. Contact your plan administrator to learn their process.
To learn more, please connect with Lou Friedman who can give you great direction.
lfriedman@gianelli-law.com<mailto:lfriedman@gianelli-law.com>
