Charitable Contributions

Planning for Charitable Contribution Limitations

The amount of charitable contributions an individual can deduct in any one tax year is limited depending on the types of organizations to which the contributions were made, the kinds of property contributed, and the amount or value of the donated property.

No Deduction for Donating Right to Burn House

The Tax Court held that taxpayers who gave a local fire department the right to burn down a house on property they had recently purchased were not entitled to a charitable deduction donation for the value of the house.

No Deduction Allowed for Contribution of Easement

The Tax Court held that a taxpayer was not entitled to a charitable deduction for a contribution of a conservation easement on land subject to a mortgage because the mortgagee’s rights in the land had not been subordinated to the rights of the charitable organization that received the easement.

When Is Form 8283 Required to Be Filed?

The IRS should revise the instructions for Form 8283 to more clearly explain when it is required to be filed, given that the instructions state that failure to file the form can cause the deduction to be disallowed in its entirety.

Contribution Deduction Denied for Gifts to Family Public Charity

The Tax Court denied a taxpayer’s claim for a deduction for a contribution of stock to a charitable foundation that the foundation used to set up a family public charity account in which the taxpayer’s contribution was segregated for investment and future distribution at the taxpayer’s discretion.

Gifting of a Remainder Interest in a Home

Editor: Kevin F. Reilly, J.D., CPA One of the first decisions taxpayers must make when planning their estates is what to do with the principal home. With the changing and sometimes downtrodden real estate market, this can be a difficult and time-consuming task for heirs, particularly if they do not

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Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

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Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.