Know the Differences – Why All Charitable Contribution Deductions Are Not Equal

By Avi Z. Kestenbaum

Many tax and estate planing professionals are aware of the basic tax rules governing dedications for charitable contributions.  They know the general distinctions between the limits on income tax deductions for contributions to private foundations, and for contributions to public charities.  But the devil is in the detail: many of these rules are intricate and complicated.  Also, advisors sometimes fail to adequately notice the differences between:

  • the income tax charitable contribution deductions for individuals and for trusts and estates, and
  • the income tax charitable contribution deductions and the gift  and estate tax charitable contribution deductions.

Understanding the fine print for all these deductions is essential for creating strategies for increasing tax savings.

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