Before You Make a Big Charitable Donation, Watch This

Donating a car, boat, valuable artwork or appreciated stock to charity can sound straightforward. The tax consequences may be anything but. On this episode of The Money Path, host Todd M. Schoenberger, CEO of CrossCheck Media Inc., sits down with Colleen Spain, Counsel at Farrell Fritz P.C., to explain what donors—and charities—should understand before transferring a high-value non-cash asset. Spain explains why the IRS has increased scrutiny of non-cash charitable contributions, when an appraisal becomes important, what documentation donors need, and why what a charity ultimately does with an asset can dramatically affect the donor's deduction. One of the episode's biggest surprises involves vehicles. Spain explains that when a charity quickly sells a donated vehicle, the donor's deduction can generally be limited by the sale proceeds. But when the organization makes qualifying use of the vehicle in furtherance of its charitable mission, different valuation rules can apply. The conversation also turns to appreciated securities. Spain discusses why donating stock directly can be attractive to both sides: the donor may avoid realizing the capital gain while the charitable organization can convert the securities to cash. With year-end planning approaching, Spain's message is simple: plan early, work with trusted advisers and document everything. If the IRS eventually questions the valuation, the appraisal and supporting records can become critical. When does generosity become a tax headache? And how can donors structure high-value gifts correctly before it's too late? Watch the full conversation on The Money Path. 🔗 Website: https://biztalktodaytv.com 📧 Contact on Email: [email protected] 📢 Disclaimer: The views and opinions expressed on this program are those of the hosts and guests and do not necessarily reflect the official policy or position of CrossCheck Media Inc., Biz Talk Today TV (BTT), or their affiliated entities and distribution partners. Content produced by CrossCheck Media across video, audio, and digital platforms is provided for informational and educational purposes only. Nothing presented should be construed as financial, investment, legal, tax, or gambling advice, nor as a recommendation to buy or sell any security, asset, wager, or strategy. All investments and wagers involve risk, including the possible loss of principal or money placed on a bet. Past performance and statistical analysis are not indicative of future results. Viewers and readers are solely responsible for their financial and wagering decisions and should conduct their own due diligence and consult with qualified professionals where appropriate. Sports betting commentary is for informational and entertainment purposes only. Participants must comply with applicable laws and age requirements in their jurisdiction. #TheMoneyPath #ColleenSpain #ToddSchoenberger #FarrellFritz #TaxPlanning #TaxStrategy #IRS #CharitableGiving #CharitableDonation #WealthManagement #WealthPlanning #EstatePlanning #TaxLaw #FinancialPlanning #Philanthropy #HighNetWorth #Stocks #CapitalGains #YearEndPlanning #BizTalkTodayTV Learn more about your ad choices. Visit megaphone.fm/adchoices