Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Question on Charity Tax Laws
Old 11-06-2019, 01:31 PM   #1
Thinks s/he gets paid by the post
street's Avatar
Join Date: Nov 2016
Posts: 3,652
Question on Charity Tax Laws

I was wondering what would be the best case for my wife and I when giving to a charity next month. Would it be better to give it in just one of our names or each one of us to give the same amount with one in her name and one in my name??

Is there any advantage for us tax wise or any opinions or suggestions for us?

Thank you.
street is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-06-2019, 01:54 PM   #2
Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 3,201
Plug the gift into TurboTax both ways & see if your tax amount is different. But, I doubt it.
gerntz is online now   Reply With Quote
Old 11-06-2019, 02:21 PM   #3
Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 2,028
If all of these are true:
- you plan to file your taxes as Married Filing Separately
- at least one of you will itemize deductions
- you do not live in a community property state (or if you do you will make the donation from your separate property)
then it makes sense to donate in one spouse's name. If you don't meet one or more of these conditions, then it makes no difference from a tax perspective.

If only one itemizes, then it should be in that person's name. If both itemize, it's probably better for the one with the higher marginal rate to make the donation, though if the donation is large enough to push his/her rate below the other spouse's, then you might find it's better to split it.
cathy63 is offline   Reply With Quote
Old 11-06-2019, 02:34 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 27,598
If you file a joint return as most married people do then it doesn't matter a bit.

Also, be aware that your itemized deductions, which would include your charitable contributions, state and local income and property taxes, mortgage interest, excess medical deductions, etc.... would need to exceed $24,400 ($25,700 if one over 65 or $27,000 if both over 65) in 2019 in order for you to get any tax benefit from your charitable contributions.
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 65/35/0 AA TBD
pb4uski is offline   Reply With Quote
Old 11-06-2019, 03:40 PM   #5
Thinks s/he gets paid by the post
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 2,529
If you give 2 donations under 2 names, expect solicitations in both names next year and thereafter, as well as dual solicitations from whoever they sell the list to. I purchased some tickets for a charity fund raiser dinner a few years back in my SIL's name, but at my address, because I couldn't attend. I get multiple requests year round for him and myself at my address.
Winemaker is online now   Reply With Quote
Old 11-06-2019, 09:01 PM   #6
Thinks s/he gets paid by the post
street's Avatar
Join Date: Nov 2016
Posts: 3,652
Thanks so much for your help once again. We will have to make a decision on how we want to handle this.
street is online now   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Charitable gifting laws for tax deductions street Other topics 10 08-28-2018 08:55 AM
New Tax laws for energy efficientcy... armor99 FIRE and Money 65 04-09-2009 02:58 PM
M*'s Sue Stevens: "How Two New Tax Laws Will Affect Your Bottom Line" Nords FIRE and Money 5 09-28-2006 12:44 PM
Giving to Charity Mountain Mike Other topics 11 02-18-2005 06:14 PM
401K discrimination laws ? Cut-Throat Other topics 15 01-15-2005 07:14 PM

» Quick Links

All times are GMT -6. The time now is 05:41 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.