Private Foundations Offer Solid Tax Breaks With Proper Planning
Financial Advisor
“It’s generally well known that donations made to private foundations create income tax deductions. Less commonly known is that only gifts to private foundations of publicly traded stock and cash generate fair market value income tax deductions,” said Don Evans, president and CEO of Crewe Foundation, Salt Lake City, adding that gifts to private foundations of real estate and privately held stock only allow for cost basis deductions and at the rate of 20% of AGI. “Careful consideration should be taken as to which assets are used,” Evans said.
