The tax reform act that took effect on January 1, 2018, may limit the benefit of income tax charitable deductions for some. However, you still will have ways to make lifetime gifts to charity and still receive tax benefits, including:
- Make gifts of appreciated property such as publicly-traded securities. Avoid capital gain tax by making a gift of appreciated assets that you have held for at least one year.
- Make gifts using the charitable IRA rollover. If you or your spouse are age 70-1/2 or over, make a direct transfer to Westminster Presbyterian Church from your traditional IRA. Such as transfer is not taxable and counts toward your required minimum distribution.
- Make larger gifts to charity. Combined with other deductions, a larger charitable gift may allow you to itemize; the resulting tax savings will reduce the effective cost of your gift.
Be sure to check with your own advisor to understand how the new law will affect your individual tax situation.