Is This the Year and Now the Time?
Is this the year to increase your contributions to your fund at The Community Foundation ... or if you were on the fence about creating one, to set it up now?
It appears that tax reform will pass by year end. The Senate and House tax bills are not identical – requiring the conference committee to agree on a bill both houses will support. (An excellent comparison of the charitable provisions in the two bills is available here.)
The good news is that the charitable deduction is intact under both proposals, including the preferential treatment of gifts of appreciated, publicly-traded securities held for more than one year. But the value of that deduction may be affected as early as 2018. And for many, the loss of the itemized deduction for state and local income taxes – and the cap on deductions for property taxes – may push them into filing with the higher standard deduction instead of itemizing.
We urge you to talk to your tax professional about how these changes impact on your situation and whether it would make sense for you to give more this year. If your advisor agrees that now is the time, contributions of appreciated securities make sense with the stock market at a record high.
Consider giving to your fund today so you can support the charitable needs you care about in the years to come. To create your fund or make a gift with appreciated securities, please contact us.
Senior Vice President for Development and Donor Services
Director of Development