Tax
Jun. 14, 2024
Which is better tax-wise, selling or giving to charity?
Contributing to charity can diminish tax obligations, yet it can also entail pitfalls like quid pro quo donations, valuation challenges, and compliance with reporting mandates.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
This isn’t a trick question, but it shows that tax laws can sometimes give people unusual incentives. Classically, you are supposed to give to charity because you are generous and want to help others, out of detached and disinterested generosity. Yet it is hard to ignore the fact that the tax laws play a part. If you give $1,000 to a qualified charity, you get a tax deduction. So, if you are in a combined 50% tax bracket considering federal and state taxes, that $1,0...
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