BDO’s Laura Kalick Interviewed by WSJ on Year-End Giving
Laura Kalick, the national director of nonprofit tax consulting at BDO—and a regular contributor to the Nonprofit Standard blog—was interviewed by the Wall Street Journal’s Hannah Karp last week about year-end charitable donations.
Laura offered a handful of tips for individuals looking to give before 2012 comes to a close. Here’s a brief excerpt from the article:
Make sure you understand the true value of your gift. When tallying up the total amount you can claim for deductions, subtract the value of any benefits received in exchange for your donations. “A ticket to a dinner dance for $200 is not a $200 donation,” says Ms. Kalick. (Ask the charity to determine the fair market value of such benefits.)… When making a gift greater than $250, get a letter from the charity saying nothing of value was received for the contribution. When making gifts of property greater than $5,000, get a qualified appraisal. (If the charity can’t sell it for nearly as much as you say it’s worth, auditors may come knocking, says Ms. Kalick.)