Printable tax forms
The amount of the deduction is the value of the interest which passes to the charity at your death or the death of your spouse. printable tax forms 2002 federal tax tables. This amount will vary, depending upon your life expectancies and the investment return of the PIF. As an example, if a 60-year old donor transfers $100,000 to a PIF which has an 8. 5% return, and retains a life income interest, the amount of his charitable deduction will be $26,758. printable tax forms Printable tax forms. There are also advantages to contributing appreciated property, such as stock, to a PIF. Although the stock will be valued at its fair market value in determining your charitable deduction, no capital gains tax will be imposed on you or the PIF. A contribution to a PIF will also help to reduce your estate tax since the amount passing to the charity after your death will be deductible for estate tax purposes. printable tax forms Hillsborough county tax collector. Charitable Remainder TrustsA charitable remainder trust (CRT) is similar to a PIF in that, in return for your payment, the trust will pay you income for a fixed period of time, with the principal eventually paid over to charity. A CRT, however, is more flexible than a PIF since it provides you with more options for the payment of the income. Rather than tying your income to the investment return of the trust, a CRT can pay you either a fixed annuity payment or a "unitrust" payment. A unitrust payment is advantageous in inflationary times since it is a fixed percentage of the value of the trust assets, revalued annually. Thus, as the trust assets appreciate in value, your payment will increase. A CRT also offers the advantage that you may decide whether the income interest is to be paid to you for life or for a specified number of years. A CRT, if successfully implemented will: (1) avoid the payment of capital gains tax on appreciated property; (2) provide you with an immediate charitable deduction on your income tax return; (3) include an annuity for you and/or your spouse; and (4) reduce your liability for gift and estate taxes. Because there are costs associated with establishing and maintaining a CRT, it is appropriate for contributions of substantial amounts; $50,000 is usually the recommended minimum. Charitable Gift AnnuityAn alternative form of deferred giving is the charitable gift annuity. Similar to a commercial annuity, a gift annuity is a gift to charity in return for which you receive a lifetime annuity. Because the annuity payments will be less than those received from a commercial annuity, a portion of the payment to the charity is considered a gift and results in a charitable income tax deduction. From the donor''s point of view, a gift annuity offers greater security than the other options, since the annuity payment is an obligation of the issuing institution.
Printable tax forms
Estimator || Tax-liens || Taxes online || Ir repeater