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Investor who earns $80,000 per year has a stock and bondportfolio worth about $100,000....

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Accounting

Investor who earns $80,000 per year has a stock and bondportfolio worth about $100,000. Some of her investments havesubstantially appreciated in value and some have declined in value.Investor generally makes several charitable gifts to her church andher college alma mater.

1) From a planning perspective, what advice do you have forInvestor?

2) What are the tax consequences if Investor is 73 years old andif some of the stock and bonds given are in Investor’s IndividualRetirement Account (I.R.A.)? See §408(d)(8)

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1 From a planning perspective the following points should be considered Charitable contributions made to qualified organizations may help lower your tax bill Also you cannot deduct contributions made to specific individuals political organizations and candidates Refer IRS Publication 526 Charitable Contributions for rules on what constitutes a qualified organization To deduct a charitable contribution you must file Form 1040 and itemize deductions on Schedule A Donations of stock or other noncash property are usually valued at the fair market value of the property Clothing and household items must generally be in good used condition or better to be deductible Special rules apply to vehicle donations Regardless of the amount to deduct a contribution of cash check or other monetary gift you must    See Answer
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In: AccountingInvestor who earns $80,000 per year has a stock and bondportfolio worth about $100,000. Some...Investor who earns $80,000 per year has a stock and bondportfolio worth about $100,000. Some of her investments havesubstantially appreciated in value and some have declined in value.Investor generally makes several charitable gifts to her church andher college alma mater.1) From a planning perspective, what advice do you have forInvestor?2) What are the tax consequences if Investor is 73 years old andif some of the stock and bonds given are in Investor’s IndividualRetirement Account (I.R.A.)? See §408(d)(8)

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