Charitable Deduction

Charitable Deduction

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Charitable Deduction

Charitable Deduction definition:  The charitable deduction allows property to be transferred to an IRS-approved charity through a will or gift without being subject to gift or estate taxes. Lifetime gifts are deductible on income tax returns; the annual deduction is limited and can be carried forward for a number of years.  Bequeathed gifts are deductible on estate tax returns and unlimited.  The charitable donation must be mentioned in the will in order to be deductible. The donation is not deductible from estate taxes if not mentioned in the will, even if all beneficiaries agree on the donation.

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