I received an email from UH about it. I asked for proposal. So donate $100,000 intially, defer income a couple of years. You get $37,000 tax deduction. Based on our ages we get $6,000+ annually for our lifetimes.
Really interesting based on current interest rates.
2 Likes
Duce630
(DustinK - I Stand With Israel - Bring Them Home)
2
I have a client or two who have done this. One did it last year with a charity. We had some extra hoops for documenting it for the tax deduction which was a pain but we didn’t want the IRS to reject it. The others did it years ago and get their annuity payout annually.
Might have been a Charitable Gift Annuity (those might be the same thing as the terminology is confusing).
Thanks for posting this; I’ve never gotten very far in understanding the nitty gritty details.
The $37k deduction sounds good too…but reality is …well
Kind of hard to discuss without getting into specifics , which I don’t want to ask about,
and everybody’s case is different.
I’ve taken bonus depreciation a few times, so that’s
about the only understanding I have that may be comparable(?) of the net effect of the deduction Or maybe not.
And there is the feel good fact of knowing you make a significant, lasting contribution to UH.
Good to hear Eloise’s campaign is having an effect.