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To take a 2014 charitable donation deduction, your gift must be made by Dec. 31, 2014. According to the IRS, a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean to you? For example, is it the date you write a check or make an online gift via your credit card? Or is it the date the charity actually receives the funds? Or even its perhaps the date the charity acknowledges your gift?
The delivery date depends in part on what you donate and how you donate it. Here are a few examples for common donations:
- Check. The date you mail it.
- Credit card. The date you make the charge.
- Pay-by-phone account. The date the financial institution pays the amount.
- Stock certificate. The date you mail the properly endorsed stock certificate to the charity.
There are many additional rules that apply to the charitable donation deduction, so please contact us if you have questions about the deductibility of a gift you’ve made or are considering making. But act soon you don’t have much time left to make donations that will reduce your 2014 tax bill.
If you have questions about timing of donations or would like assistance in determining how to make the most of your timing, Ciuni & Panichi can help you start planning now. For more information, or on tax reporting requirements, please contact David Reape at 216.831.7171 or dreape@cp-advisors.com.
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© 2014
