How Illiquid Taxpayers Can Take Advantage of the New 60% Charitable Deduction

Lawyers, accountants and financial advisors routinely encourage their charitably inclined clients to donate appreciated property to charity. More often than not, that’s sound advice: An individual who donates appreciated property to a public charity may receive a charitable deduction of up to 30% of her adjusted gross income (AGI) and avoid capital gains tax on the appreciation. But, the Tax Cuts and Jobs Act (TCJA),¹ enacted in December 2017, has shifted the tax landscape enough