We encourage you to be thoughtful as you plan your year-end gifts. Remember, there are options to giving cash which may offer greater benefits to you and your family. Here are a few.
Real estate: Held more than one year, you can donate land, a home, condo or other property to Habitat Broward and possibly receive an income tax deduction for the fair market value in excess of your standard deduction. This in-kind donation could avoid federal income taxes you might otherwise incur on the sale of appreciated property if you were you to first sell and then donate the proceeds.
IRA Assets: If you are 70 ½ and older you can direct a gift of up to $100,000 from your IRA account to Habitat for Humanity of Broward and avoid having to take your required minimum distribution, which may have beneficial tax consequences.
Stock: Direct stock held more than one year to Habitat Broward and you may avoid up to 23.8% in capital gains and net investment income taxes. It is an easy and powerful way to give.
Gifts through estates and trusts: If you are updating your estate plan this season, remember that a gift to Habitat for Humanity of Broward can make a life-changing difference to hard-working families in need of affordable housing. Simple language added to your will and/or trust can make home possible for these families.
This information is not intended as legal, financial or other professional advice. Consult your tax and legal professionals for advice regarding your circumstances.