As I scan newspapers on airplane rides, I found an article in The Wall Street Journal covering highlights of new tax laws (and pending ones).
Not only major gift fundraisers need to pay attention to this one -- donors aren't allowed to deduct cash gifts of any size without a receipt (defined as a bank record or written communication from the nonprofit). This suggests that donors shouldn't just put cash in the collection plate at church or temple services but rather right a check or use the pledge envelopes.
IRA gifts are still in limbo. The law that allowed donors 70-1/2 to give up to $100,000 per year in 2006 and 2007 has expired. An extension is hoped for but not yet in place.
Stock donations are still a good way to give. However, make sure to give appreciated assets to avoid capital gains. If the stock has a loss, it's better to sell it and take the loss against your income for the the year.
To see the full article, click here.
Tom Wilson
Author, Winning Gifts
Permanent Link: Updated Tax Laws for Giving
http://majorgiftsguru.com/2008/04/updated-tax-laws-for-giving.html
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