‘Tis the season for giving, so how do donations to charities and nonprofits impact your taxes? Toby Mathis and Jeff Webb of Anderson Advisors provide answers to help you get through the holidays when helping others. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
- I received a large sum of money via inheritance in 2019. How can this amount be protected and have the tax burden minimized? Inheritances are not taxable to recipient
- Is keeping a log of miles always required? How should the car be purchased so all the miles are considered business? Keep track of all business miles via MileIQ; how car is purchased doesn’t matter as much as how the car is used
- If I make a large stock contribution to my 501(c)(3), are there any capital allocation or income sourcing requirements that would force my charity to sell it off? No capital allocations or income sourcing requirements, but you must fulfill nonprofit’s purpose
- Is a quitclaim deed sufficient to transfer the title of a timeshare from personal name to revocable living trust in California? Technically, you can, but most use a warranty deed; determine if ownership is deeded interest or right-to-use contract
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