A. The Tax Code requires exempt organizations to pay UBIT on income from activities that are not related to its missions. But payments other than “qualified sponsorship payments” are not automatically subject to UBIT. The rules include revenue from such events as football bowl games, symphony performances and public broadcasting productions. They also address whether […]
charity
What are the 2019 deductible mileage rates for business driving and other purposes?
A. For 2019, the standard mileage rates are as follows. 58 cents per mile for business miles (up from 54.5 cents for 2018). 20 cents per mile driven for medical or moving purposes (up from 18 cents for 2018). 14 cents per mile driven in service of charitable organizations (unchanged from 2018). The standard mileage […]
I want to donate my used vehicle to a local charity. What are the considerations?
A. Charitable gifts allow you to benefit organizations you care about while enjoying a tax deduction (if you itemize). Cash is the easiest gift, but sometimes it’s more advantageous to donate other assets — and sometimes it’s not. Take vehicle donations: If you donate your vehicle to charity, the value of your deduction can vary […]
Art Donation Appreciation
Art Donation Appreciation If you donate artwork that’s appreciated significantly, make sure you get the highest deduction available. You must clear a number of hurdles before you can write off the full market value of the contribution. Let’s say you bought a painting for $4,000 a few years ago that’s now valued at $10,000. Donating […]
Donating A Car To Charity
Donating A Car To Charity Donating a used vehicle to charity is a terrific way to get a big write-off on your tax return. But before you hand over the keys, make sure the deal is handled properly. The IRS has begun to scrutinize these contributions closely. The IRS is aware of advertisements that promise […]