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2023 Tax Planning Guide

Charitable Contributions

charity, donation and volunteering concept - happy smiling male volunteer with food in box and international group of people at distribution or refugee assistance center

Donations of goods to charity are valued at their market value at the time of donation. You can’t claim the price you paid for the item.

Remember all donations of goods with a market value greater than $250 must have a receipt from the charity, indicating the name of the organization and the description of the non-cash donation.

When donating to charity, ensure the charity is qualified by searching the IRS database. Only donations qualified by the IRS are eligible for tax deductions.

A new fair market value is established for assets received after a donor’s death—a step up in basis—but there is no step up in basis for gifts received during a donor’s life. The step-up in basis sets a new starting value for inherited assets, which can make a big difference if the assets have appreciated significantly.

Taxpayers who have reached age 70 ½ can donate up to $100,000, indexed to inflation starting in 2024, of taxable IRA distributions directly to qualified charities. This satisfies the minimum distribution requirement and is excluded from taxable income. Also new is a tax-free, one-time $50,000 limit in 2023 made directly from an IRA to a life income plan. This limit is indexed to inflation in 2024. Making a QCD can potentially lower your income tax, net investment income tax and additional Medicare tax.


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