The Internal Revenue Service (IRS) has released a list of several important tax law provisions for individuals and businesses making contributions to charity, including:
- Special Charitable Contributions for Certain IRA Owners: An IRA owner, age 70½ or older, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option, created in 2006, is available for distributions from IRAs, regardless of whether the owners itemize their deductions. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.
- Clothing and Household Items: Clothing and household items donated to charity generally must be in good used condition or better to be eligible. Household items include furniture, furnishings, electronics, appliances, and linens.
Monetary Donations: To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements.
We wish you a joyous, happy & healthy NewYear. At County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure. If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45 days or less.
Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net
