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How to Save on Taxes with Ankur Nagpal
All the Hacks with Chris Hutchins
Maximizing Tax Benefits through Donating Appreciated Assets
Donating appreciated assets can provide a double tax benefit as it offers a deduction for donating the asset and also eliminates the tax on the gain that would have been paid if the asset was sold. This method is more efficient than donating cash, as it allows individuals to offset up to 60% of their income if they donate cash, whereas donating appreciated assets allows for a 30% income offset. Donating various assets, such as public equities or art, can significantly increase the tax deduction. Additionally, leveraging the absence of wash sale rule on charitable donations can save on capital gains, making donating stock a more advantageous option compared to donating cash.
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