Puddytatt

Anyone in Atlanta have a tax prep person they use? Usually just use Turbo Tax, but have an inherited property I sold and quite a bit of associated donations from last year that I probably should get a second opinion on. Looking for someone more than just the local Turbo Tax office typing the same info I could do on their website, if that makes sense.

Gunfighter

I'll drop a reminder adjacent to your topic. Fidelity and Vanguard offer a simple method of making donations without the hassle of keeping receipts all year. A donor advised charitable fund is easy to set up and funding grants is via an online portal similar to bill pay from your checking account. The best thing about a DAF is that you only need to track the DAF contribution, not individual charity grants. This is a phenomonal way to donate appreciated assets to your favorite charity. You have the option of being anonymous or identifiable to the charity.

Here is a simple example of donating appreciated assets vs selling them and donating cash.

-Sell $1000 of VOO that you bought for $500. Make a $1000 deducible contribution, but owe LTCG on your $500 gain.
or
-Transfer $1000 of VOO to your charitable account, claim a $1000 tax deduction, owe no LTCG.

My technique is funding the account with one donation, usually in December with the highest appeciated taxable position, then disburse the funds throughout the following year.

Planetrain

+1
Fine print: great for assets held over a year.

crewdawg

Hey man, you mind writing a book on your financial knowledge and insights? Promise I'll be a buyer. Always enjoy the little nuggets like this.

higney85

If you are serious about a donar advised fund, its a tax aspect for dividends and taxes. Put stuff in the acct, spread in philanthopy. one beats the other if you do it right. beyond that, you esenttually remove yourself from assets in the charitable acct (as assets are forteited) for philanthrory. noble and good, but its no longer on your assest staatement, and you lose control ouside of a Trust for dispersement, depending on how your will/trust is desgned.

Planetrain

I use Vanguard DAF.
While technically the assets are forfeited, you retain control as to where you want the proceeds to be disbursed. Mine has standing orders on where to disperse if I die.

nene

As Cheech and Chong used to say, " Save the whales, shoot them seals!"

nene

My AME is so old, he doesn't even fax!

Forgotmyhat

Are we talking 3-sheet carbon or chisel and stone tablet?

123456

aircrewtaxes (dot) com

he's one of us..