With the introduction of the most comprehensive tax law changes in more than 30 years, we wanted to share with you some ideas to help you make your charitable gifts cost-effectively under the new law.
It is important to note that the charitable deduction is still available under the new law. Gifts to HSS of any kind and amount may serve to boost your itemized deductions above the newly-increased standard deduction amount, allowing you to also enjoy tax savings from other deductible expenses.
Thanks to your support, HSS is advancing musculoskeletal care and scientific understanding, and is changing lives. We invite you to contact our office to discuss your individual situation and how you can achieve your personal and philanthropic goals.
- Gifts of Cash: Most people make gifts to HSS by credit card or check. Under the new law, these gifts are deductible up to 60% of your adjusted gross income (AGI), up from 50% AGI. Any amount that you exceed this limit can be used to reduce your income taxes for up to five more years.
- Donate appreciated securities: Stocks and other securities that you have owned for more than one year that have increased in value can make particularly great charitable gifts. You are able to claim a deduction for their full market value up to 30% of your AGI and eliminate capital gains tax.
- Gifts of real estate: Many real estate markets are enjoying gains. Appreciated real estate may be subject to capital gains tax unless donated to charity or transferred to a charitable trust.
- Maximizing Tax Savings: To boost your tax savings beyond the higher standard deduction, you may want to consider increasing the size of your gift to HSS in a particular year - a strategy called "bunching." Planning your gifts this way can help to ensure that you receive the full tax benefit from your charitable and other deductible expenses.
- Give from your IRA (if age 70 ½ or older): Make tax-free gifts totaling up to $100,000 per year directly to HSS. These gifts count toward your annual required minimum distribution and are not considered taxable income to you.
- Name us as a beneficiary of retirement plan assets: These assets remain taxable when distributed to a loved one but are tax-free when given to a nonprofit.
- Gift in Your Will or Living Trust: A gift in your will or trust can be a way for you to ensure that we can continue to help patients move better and live better, and you maintain control over your assets. Gifts can be made in honor or in memory of a loved one, or a physician or other member of your care team who has made your experience at HSS particularly meaningful.
Talk With Your Tax Professional
Please consult with your tax or financial advisors to determine the best charitable giving strategies for you.
We Can Help
We are so grateful for your generosity. Please contact Our Development Department at development@hss.edu or 212.606.1196 to discuss how your gift can help further our mission.
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