The capital gains tax on assets given for charitable use is avoided entirely - in addition to the regular tax savings realized as a result of the gift. This double tax savings is why many people choose to make their gifts in this way. Special rules may apply for gifts of real estate and certain other types of property. Check with your advisors before making your gift to assure it is handled properly transferred. Any amounts in excess of these limits may be carried over and used to reduce your taxable income in as many as five future tax years.
Many people also review their estate plans at the end of the year.
Remember that your will, life insurance, retirement plans, and other planning vehicles can sometimes offer opportunities for meaningful gifts while providing significant gift and estate tax savings. These vehicles include charitable remainder trusts, gift annuities, and estate bequests.