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Reilly Tax Advisor

Watch out for potential tax pitfalls of donating real estate to charity

Sep 05, 2017

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction.

Reilly Tax Advisor

Donating a vehicle might not provide the tax deduction you expect

Jun 01, 2017

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

Reilly Nonprofit Advisor

A donation’s a donation… except when it’s a gift in kind

May 12, 2017

Some supporters give your nonprofit money, others give goods and still others give intangibles, such as use of a facility for a fundraiser. A donation’s a donation, right? Not quite. Under certain circumstances, gifts in kind and donations of services must be recorded and recognized at year end as revenue, expenses or assets. Here’s what you need to do when your nonprofit receives one of these gifts.

Reilly Nonprofit Advisor

The Season of Giving – Substantiation requirements for charities

Jan 06, 2016

Many charities receive a substantial part of their support during the holiday season. In order to assist donors in steering clear of difficulties with the IRS, you want to make sure the supporting documentation your charity provides will meet the requirements for a valid charitable deduction.

Reilly Tax Advisor

Three tax traps when donating real estate to charity

May 22, 2014

If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of.

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