July 4, 2008
Donations of Noncash Gifts and Stock Are Rising Fast
Americans are giving away tens of billions of dollars worth of stock, art, real estate, and other noncash gifts every year, according to the IRS.
In a new report — the second of its kind — the IRS found that taxpayers reported at least $41.1-billion worth of noncash gifts in 2005, the latest year for which data are available. The number of Americans who wrote off such gifts was about the same as in 2004, but the amount of those contributions increased by 10
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