rich peeps...don't ever give money to charity!

[heatherrae]

No, I'm not talking about being a scrooge here. lol. Instead of cashing out appreciated assets and taking a capital gains hit and then a deduction for the donation, you can directly gift the appreciated assets to a donor directed irrevocable fund and take the deduction in the same year that you set up the funds AND can don't have to report any capital gains. The fund is still appreciating and if you put enough in it can be self sustaining. That is a nice legacy, and you can name your kids as successor in interest.

Not too many places in the tax code where you can skin the banana twice like that. It's a nice loophole.

=-)

PS -- you can also do it with appreciated real estate.

 

[gotmilk]

I use my local bank as they have a general non-profit. I can then direct what I want the funds directed to.

In some cases, I redirect it to projects I am working on. For example, we offer scholarships to cover living expenses for nursing and medical students, who in turn, rent at one of my buildings.

Now that's a loophole.

 

[Arabian]

Heather, Ive been trying to buy real estate... They are not making it anymore.. Have a nice day

 

[Lestat]

great tip!

 

[heatherrae]

Heather, Ive been trying to buy real estate... They are not making it anymore.. Have a nice day

I'm trying to buy a house too. Man, the banks are uptight these days. I miss the 90's. lol.

 

[Dial_tone]

That's hot talk...feel free to skin my banana any time.

 

[heatherrae]

twice?

 

[gotmilk]

That's hot talk...feel free to skin my banana any time.

I thought blaque doods had a squash, not a banana.

 

[jnevin]

I'm trying to buy a house too. Man, the banks are uptight these days. I miss the 90's. lol.

You're reaping the benefits of the 90's and early 00's, so don't complain too much.

Plus, I fuggin' told you to go FHA.

 

[Arabian]

I'm trying to buy a house too. Man, the banks are uptight these days. I miss the 90's. lol.

I know, I just got my unsecured line of credit, to buy the trailers and they made me jump through hoops...