Daily News | Donor-advised funds offer a charitable way to harvest a tax break and are growing in popularity
DAFs are a convenient method for philanthropists to donate appreciated stock shares, or other assets. The donor receives a tax deduction for the full value of the asset while avoiding capital gains tax on the increase in the assets’ value.
DAFs became more attractive after the new federal tax law went into effect, dramatically increasing the standard deduction for most taxpayers and putting limits on some itemized deductions, such as state and local taxes and mortgage interest. Charitable contributions are still deductible, and the new tax law created an incentive for taxpayers to consider batching or “bundling” deductible expenses in a single year, so those count toward reducing your taxes.
“The people at NPT are really nice and helpful,” said Wischnia, who founded an online bedding line in 2019 calledMost DAFs will let you donate cash as well as stock. Some may also accept other types of assets, such as real estate, private equity, insurance, retirement fund disbursements, or even art and cryptocurrencies such as bitcoin.tax-exempt under Internal Revenue Code
The amount you can invest varies, depending upon the sponsor. Some DAF sponsors have no minimums. National Philanthropic Trust has a $10,000 minimum. Vanguard requires a $25,000 initial investment, and $5,000 minimum on subsequent investments. Therequires a $25,000 initial investment, but no minimum on subsequent investments. There are hundreds of DAF sponsors, so examine their terms closely.
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