The final weeks of the year present an opportunity to balance your charitable giving for the 2020 tax year. Recognizing that individuals and businesses want to support charities in these times of need, lawmakers this year included a new tax deduction for non-itemizers in the CARES Act and modified limits on charitable contributions to encourage donors to give in 2020. This targeted relief recognizes the important role charities play during the pandemic and provides additional tax benefits for taxpayers supporting charities.
This year the following key changes apply:
When you make a gift of an appreciated asset, such as stocks, you can benefit in the following ways:
Any charitable contribution exceeding the limits discussed above may be carried forward and used in later years subject to certain limits. The IRS’s Coronavirus Tax Relief and Economic Impact Payments page provides more information about tax help for taxpayers, businesses, tax-exempt organizations and others affected by coronavirus (COVID-19).
We exist to be the bridge that helps responsible residents stay in their homes during a singular, unexpected financial emergency.
Whether it’s a temporary job interruption, an auto accident, a medical emergency, a victim of a natural disaster, or something else, our desire is to provide qualified residents with housing stability during a chaotic time and help them avoid eviction, a forced move, or, worse, becoming homeless.