With recent tax law changes, it has become more difficult to qualify to deduct charitable contributions. Many donors are now establishing donor-advised funds to help them get some deductibility of their donations.
The donor-advised fund is held by a 3rd party custodian and you advise the custodian of organizations that you would like them to direct charitable giving to. Depending on the amount you transfer to the custodian, you can get to some deductibility for monies that will be transferred to charities.
You transfer the money to the custodian all at once but can choose to have them release the money to the charities over several years.
Stock and other appreciated asset donations
If you have made a good investment in stocks, bonds, mutual funds or other assets that have increased in value, you can save tax by donating that asset to Honor Flight Chicago. You pay no tax on the gain and you may be able to deduct the entire value of the donated asset, not just your cost.
Every donor’s tax situations are different, and Honor Flight Chicago as a registered 501c3 charity is not a tax advisor and cannot provide tax advice to any donor. Please consult your tax advisor for further details.