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What advantage is there if you get IRS-recognized status as a charity or non-profit?
Good question.
If you decide to obtain charity or non-profit status from the IRS you can accept donations. The person that is donating the money to your charity will receive a tax deduction.
For example, say you start a charity, and some wealthy person decides to donate some stock that he has had in IBM for the last 50 years. Let’s imagine he donates 100,000 in IBM stock to your charity. If he has owned the stock for as long as 50 years his basis in the stock could be as low as $100.
The charitable institution can accept that donation, sell it, not pay any tax, and use that money within the charity. The donor would actually have some type of charitable tax deduction based on the value of the gift. Usually, the best tax deductions provided by the IRS are for cash because you get the full deduction. There are limits to deductions for appreciated assets.
If you would like to learn more about investing and other related topics, just go to www.benjaminzmiller.com If you would like to meet more investors and lenders, you also can go to the free Sunday weekly meeting held on Zoom for Benjamin Z Miller’s Investor Networking Group.
https://www.meetup.com/benjamin-z-millers-investor-networking-group/
I hope that helps and good luck with your investing!
Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
ben@benjaminzmiller.com
https://www.linkedin.com/in/benmillersells/
https://twitter.com/BenjaminZMiller
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