The answer is a solid “depends.”
Some of our donors have told us that tax benefits didn’t drive their past gifts. To others, it is important. The tax overhaul passed at the end of 2017 changed a number of provisions that may or may not effect our donor’s charitable giving. The standard deduction taxpayers are now allowed to take, without itemizing is $12,000 for singles and $24,000 for couples. This larger standard deduction may remove the incentive to make charitable donations and itemize one’s deductions for a tax benefit.
Most of the other changes to the estate tax and limits on cash gifts are frankly not an issue for nearly all of the Alliance Housing current donors. Donor Advised funds have gotten more popular and were unchanged.
Got advice for us? We’re all ears. Please email or call Barb Jeanetta at firstname.lastname@example.org or 612-879-7633.