Plan Now to Meet These Tax-Break Deadlines
Timing your gift at year-end can be crucial. The gift date—the date used for tax purposes—is the day you transfer control of the asset. And that depends on the asset and your method of giving.
- Checks—The mailing date is the date of the gift.
- Credit cards—The day the charge is authorized is considered the gift date.
- Pledges—Pledges are deductible in the years they are fulfilled and not the year the initial pledge is made.
- Securities—If securities are electronically transferred to PETA, the gift date is typically the day the securities enter our account. If securities are mailed, the mailing date is the gift date. It is important to send, by registered or certified mail, the unsigned certificates in a separate envelope from the signed stock power and letter of intent.
- Real estate—The day you deliver the signed deed to us is the date of the gift. If your state law requires recording of the deed to fulfill the title, though, then the date of recording is the gift date.
- Artwork and other tangible personal property—The gift date is the day you deliver the property with a signed document transferring ownership, if necessary.
Discuss your charitable gift plans with your tax or legal advisors. We can also help ensure that your gift plans meet your year-end goals. Contact Tim Enstice at 757-962-8213 or [email protected].
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.