2021 Year-End Planning: Tax Benefits from Charitable Gifts

Your philanthropy can save you money in taxes, especially this year. Here are some time-sensitive giving opportunities that you may want to consider in your year-end plans.

Special Tax Savings for Cash Gifts are Set to Expire. In 2021, cash gifts made to qualified charities can be used to offset up to 100% of your adjusted gross income. In 2022, the deductibility of cash gifts will be limited to only 60% of your adjusted gross income. That means you can save more in taxes if you make a cash gift to US/ICOMOS before December 31, 2021.

IRA Required Minimum Distributions are Back. After being waived for 2020, required minimum withdrawals (or RMDs) from your IRA are again in force for 2021 for individuals age 72 and older. If you wish to support US/ICOMOS with this RMD income, you can donate it as a qualified charitable distribution. This way, your IRA will not generate taxable income for 2021.

Timing Your Gifts. If you mail a check, it must be dated and postmarked by the U.S. Postal Service on or before December 31, 2021, to qualify for a tax deduction this year. If you use a credit card, the gift is considered to be made on the date of the charge, regardless of when you pay your credit card bill.

Questions? Please email US/ICOMOS Trustee Peyton Hall, at (213) 445-5557, or write phall [at] usicomos.org. CONTRIBUTE ONLINE BY CLICKING HERE.

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