Texas state sales tax
The cost of the appraisal is a miscellaneous itemized deduction subject to the two (2%) percent floor. texas state sales tax 2002 federal tax table. Substantiating Charitable DeductionsAppraisal and reporting requirements are strictly enforced, and as to gifts of property other than public stock, an independent appraisal is needed if the value is over $5,000 (over $10,000 for closely held stock) - - - for lower valued gifts, appraisal summary may be required without full appraisal. For any gift over $250, donor must have written substantiation from the charity (including an estimate of value of any goods or services given back to the donor). Also, with respect to any gifts made to a charity over $75 for specific goods or services, quid pro quo gifts, charity must inform donor that gift deduction is limited to the excess of the amount given over value given back to the donor. texas state sales tax Colorado-income-tax. Volunteer Services and ExpensesNo charitable deduction is allowed for any personal services rendered voluntarily - - - necessary expenses that are not reimbursed by the charity may be deductible. No deduction allowed for rent free use of property to a charity. Depreciable PropertyWith respect to deductions for any depreciable property, the amount of the deduction is reduced by what would have been taxed as ordinary income had the property been sold. texas state sales tax Irs government. Estate Tax DeductionsAny portion of a person's estate left to any recognized charity under 501(c)(3) including all amounts left to private independent foundations are one hundred (100%) percent exempt from the federal gift and estate tax. For taxable estates over $2,000,000 the federal estate tax will take forty-nine (49%) percent and for taxable estates over $3,000,000 the federal estate tax will take fifty-five (55%) percent of every dollar. The tax exemption currently in the year 1999is $650,000 and will increase periodically until it reaches an amount of $1,000,000 for the exemption in the year 2006. It should also be noted that under the unlimited marital deduction all amounts from an estate left to a surviving spouse who is a United States citizen are all tax deferred. Pension Plans - Individual Retirement Accounts - Deferred Annuities and Other Income in Respect of a Decedent AssetsWhile pensions plans and deferred annuities are very beneficial investments during lifetime, when these assets are included in an estate that is subject to the federal estate tax, the tax results can be disastrous. Such an asset if included in a taxable estate may very well lose fifty (50%) percent or more of the value of the asset to the federal estate tax and then another thirty-three and one- third (33-1/3%) percent, more or less, to income taxes as the asset is paid out to beneficiaries. Designating a recognized charity as a beneficiary of such assets will totally avoid not only the federal estate tax, but will avoid all income taxes meaning that the charity receives one hundred (100%) percent of the value of the asset. If clients are considering giving to charity through an estate, these are the first assets that should be looked at. Charitable Remainder TrustsUnder such a trust an asset is transferred to the trust (donor gets current tax deduction based on remainder value of the asset), the client (and a spouse) then can receive income from the trust at a designated rate for lifetime or a period of years, and after that the balance in the trust passes to charities named. All capital gains on the transfer of the assets to the trust are avoided and also all estate taxes that would have been due are also avoided. Pooled Income Funds and Gift AnnuitiesThe client who does not wish to be burdened with the detailed requirements and tax returns required by the charitable remainder trust can use a pooled income fund or a gift annuity to accomplish the same results. They are offered by many schools and large charities where the donor wishes to name that particular charity as the ultimate beneficiary. If the donor wishes to have the option as to which charities to name to receive the balance remaining, the Fidelity Investment Company offers a pooled income fund allowing the donor to name charities of choice. Charitable Lead TrustThe charitable lead trust is just the opposite of the remainder trust. Assets are placed in the trust, a stream of income at a set percentage is paid annually from the trust to designated charities, and then the balance remaining in the trust either after a term of years or after lifetimes then returns to the donor, or in most cases to the children or heirs of the donor. The lead trust can save a substantial amount of the federal estate tax on passing portions of an estate to children. Gifts of Future Interests in Real EstateIf a donor wishes to continue to use and enjoy real property such as a residence but then wishes such property to pass to a charity after lifetime, this can be done through a future interest gift. The rules are somewhat complex and the tax deduction will be based solely on the value of the future interest remainder of the property. Since the property will not be sold, there will be no capital gains taxes involved and also the value of the property will not be included in the donor's taxable estate. Gifts of Future Interests in Tangible Personal PropertyNo federal income, gift or estate tax charitable deduction is allowed for gifts of tangible personal property (works of art, antiques, etc. ) when the donor or close family member keeps a life estate with enjoyment or use of the property. The Fidelity Charitable Gift FundThe Fidelity Investment firm has introduced and established anew concept in charitable giving that has proved extremely popular. It was started in 1991 and has grown to over $1. 5 billion of assets in the fund at the present time. Under this approach a donor is able to make a charitable contribution by making an investment in theFidelity Charitable Gift Fund and the fund establishes an account for the donor and then invests the funds in one of four different types of investments as chosen. The donor gets a current income tax charitable deduction for the value of the property transferred into the fund, and capital gains taxes are avoided on any sale of the asset. The donor then in the future is able to name, at his or her own pace, the charities to receive portions of the fund from time to time and the Fidelity Investment firm takes care of the all of the administrative details. The Community Foundation - Donor FundsAnother option for the donor who does not wish to be troubled with the administrative requirements of a charitable remainder trust or a specific foundation, private or public, can use a community foundation and establish a donor fund.
Texas state sales tax
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