There Are Different Kinds of Donations
Donating an asset that has gained in value to the Hillsboro Community Foundation can help you stretch your charitable giving dollar. By transferring an asset to HCF, no capital gains tax is paid on the gain, either by you or by HCF, due to its tax-exempt status. Plus, you receive a charitable tax deduction for the asset value at the time of the donation. Assets may be as varied as stocks, other marketable securities, real estate, and even art or other collectibles.
Another tax-efficient option is to donate grain to HCF. You avoid including the sale of the grain in your farm income, but still deduct the costs of growing the crop. You benefit even if you don’t itemize your deductions and take the standard deduction instead.
Always consult your tax advisor when considering a non-cash donation.