Dear Dan, I heard a speaker at a community impact conference I attended recently imploring the audience to give to charity but then he said “Never give cash. Always give away something you don’t want.” Do you agree with that? – Chris in Des Moines
Dear Chris, I agree with some of that but not all of it exactly as stated. Since inflation has perked up and financial markets have struggled, gifting to charity has declined some, yet charities are more needed than ever. So, I certainly would join the chorus that urges anyone who is able to make donations to whatever causes are important to them. As for how to give, I would not say “…always give away something you don’t want.” If you don’t want it, a charity might not either. Many charities are approached about receiving a gift of some form of property only because the owner can’t sell it. If the charity accepts the property, it will own a hard-to-sell asset and that does not usually help the charity. The IRS can take issue with gifts of property, too. Your tax deduction for a given donation depends on several factors, with the fair market value often the central issue. There …
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