Non-Cash Charitable Contribution Deductions: IRC Requirements, Strategies to Maximize the Tax Benefits

This CLE/CPE webinar will provide tax counsel and advisers guidance on applicable rules regarding non-cash charitable income tax deductions and planning and pitfalls to avoid. The panel will discuss income tax charitable deduction rules under current tax law, substantiation and reporting requirements, the impact of OBBBA, donor obligations, contemporaneous written acknowledgments and disclosures, property transfers, and other key items that taxpayers must consider.

Charitable giving can provide significant income and estate tax advantages while also satisfying charitable intent. To ensure these advantages for clients, tax counsel and advisers must have a complete understanding of the legal framework and tax rules applicable to charitable giving vehicles, reporting, and deductions for non-cash donations.

For high net worth individuals, planned charitable giving is an essential tax planning tool. Under current tax law, a number of planning and giving strategies are available, such as the use of qualified charitable distributions and other gifting methods for purposes of tax planning. However, non-cash charitable donations must adhere to strict recordkeeping and valuation requirements, along with other critical factors to consider.

Listen as our panel discusses income tax charitable deduction rules for non-cash donations under current tax law, substantiation and reporting requirements, donor obligations, contemporaneous written acknowledgments and disclosures, and other key items that taxpayers must consider.