Charitable Giving Information

Posts Tagged ‘Charity’

Charitable Trust Setting Up

Question: What restriction and costs apply when I withdraw principal from a charitable reminder trust (CRT)?

If I set up my CRT as a revocable trust, I should have legal rights to change my mind and revoke/change the trust anytime. So the money shouldn’t get stuck forever as long as I’m still alive. However, the IRS may want a bite from any principal withdrawal. If so, how much penalty or tax would I need to pay?

Answer: First of all a CRT can't be set up as a revocable trust. It would either be a corporation or an irrevocable trust. This is because in order to have a legal CRT at least 10% of what you put into the trust is the minimum amount that should go to charity at the end of the trust term, generally at your death.
The order of distributions from a CRT are ordinary income first, then long term capital gain, then tax exempt income and finally principle. The principle is not taxed to you or the trust.
You should look at the trust document in order to determine the distribution provisions of the trust. There are different ways to structure these payments and your document will tell you how this is to be done in your case.

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Donations Tax Deduction Clothing

Making a charitable donation is a noble act. Charity need not be just with money. It can also be done by donating objects like clothes, furniture, cars and just anything. Cars are donated to the recipients directly or they are sold and the money is given away as charity. Many people prefer to donate used cars for helping the community.

There are many charitable organizations that accept cars as a donation. These cars need not be in running conditions to be donated. The cars are generally sold or auctioned and the proceeds are used for charity work. There are some organizations that accept car donations, sell the cars and give the proceeds to other charitable organizations.

Donating a car is a noble gesture. It is also a good tool for reducing tax payments. Car donation to an approved 501(C)3 charity organization is tax deductible under certain clauses. These are applicable for all kinds of cars. You can claim the car’s fair market value if the car is worth less than $500 or it is in good working condition. You can claim deduction equal to the actual sale price of the car is the car is worth more than $500. However, before donating, ensure that the donation program is a qualified, 501(c)3 IRS registered charity since only such programs are eligible for tax deductions. Information about such charity programs can be obtained from the IRS website or in the Publication 78 that is available at most public libraries. If the total donation is more than $500, then a separate form (8283) has to be filled. Donating a car for tax purposes requires itemized deductions on the personal tax return.

Determine the value of the car meant for donation. This can be done by checking the blue book value. Take the condition of the car into consideration while determining its value. Most charity organizations take donated cars for free, but there are some which charge certain fees. Make sure you have the title for the car.

Most charity organizations that accept car donations also provide other services like free vehicle pick-up, easier/hassle-free paperwork and easy online application forms. The donations can also be made to your preferred charities. These days, making a charity car donation has become very easy with online application forms and faster processing. The whole process takes just 2-3 days. Car charity organizations can be located online over the internet or they can also be found in yellow pages or through advertisements.

About the Author:

Charity Car Donations provides detailed information on Charity Car Donations, Child Charity Car Donations, Catholic Charity Car Donations, Used Car Charity Donations and more.

Article Source: ArticlesBase.com – Charity Car Donations

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Giving To Charity And Taxes

Question: How much can I right off when giving to charity?

Ok lets say hypothetically that I gave 50% of my gross income to a charity last year. How much can I right off and not owe taxes on?

Answer: Depending on what you're giving and who you're giving it to, the limits range from 20% to 50% of your AGI. 50% is for total contributions. See IRS Publication 17, Chapter 24 or other IRS documents.

Obviously it is only legal to deduct what you actually gave. You can be asked by the IRS to prove that you actually made the contributions you claim.

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Free Donations For Teachers

Question: List of perpetual donations to humanity?

I’m doing a research study on various methods of donating “something” to humanity which would be perpetual. That means that society or humanity will benefit from this act or this donation, well after your death.

Examples are:
1. Wilderness Protection;
2. Inventions;
3. Acts of kindness;
4. Exceptional teachers (Abe Lincoln wouldn’t have been where he was without a great school teacher);
5. Religious truths;
6. Nobel Peace Prize winners;
7. Philosophies of life;
8. Leading an exceptional life;
9. Having “successful” children (they don’t have to be wealthy to be exceptional);
10. Leaving a particular legacy;
11. Super Mom or Dad;
12. Scientific contributions.

If you have any ideas, please feel free to let me know. If you have one idea – great! If you have many ideas – that would be fantastic!

Thanks!

Answer: A great piece of art (Mona Lisa), literature (War & Peace), architecture (Eiffel Tower) ...etc.

Shanti

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Charitable Trust Directory

Question: Where I will find Directory of Indian donares ?

Where I will find Directory of Indian donares or charitable trust , which are willing to help charity work/ development work ?

Answer: You won't. If you are looking for funding, you need to network with potential funders in your area.

Michael Caudell-Feagan, Directory, Make Voting Work, Part 2