Don’t Forget Your Charitable Deductions for 2021! - Cape Elizabeth Land Trust


Don’t Forget Your Charitable Deductions for 2021!

Your gifts to CELT last year helped provide trails for people to explore, clear fields of harmful invasive plants, and restore habitat for the endangered New England Cottontail. As we approach tax time, your gifts may be rewarded with tax benefits.

Thanks to an extension of provisions in the CARES Act of 2020 for the 2021 tax year, taxpayers can claim a tax write-off for cash charitable gifts made last year of up to $300 for single filers and up to $600 for married couples filing together. This may apply even if you claim the standard deduction and don’t itemize. CELT is a qualified IRS 501(c)3 charity [EIN 22-2736834], so your gifts are eligible. (*As always, please consult with your tax advisor.)

Other ways of giving for 2022

If you are older than 70 1/2, you can make a Qualified Charitable Distribution directly to CELT from your IRA, which is excluded from your taxable income.

If you have appreciated stocks or other investments held for more than one year in your taxable portfolio, you may consider transferring those assets to CELT for some tax benefits, depending on income.

Or, consider a Donor Advised Fund. This allows donors to make a charitable contribution, receive an immediate tax deduction and then recommend grants from the fund over time. You can contribute to the fund as frequently as you like, and then recommend grants to your favorite charitable organizations (like CELT!) whenever it makes sense for you.

And don’t forget that CELT also accepts vehicle donations – not just cars, but trucks, trailers, boats, RV’s, motorcycles, off road vehicles, heavy equipment and other motorized vehicles. We work with a service that makes the process very easy — fill out a form, mail in the title and keys, and they’ll do the rest. They will pick up the car, auction it off, send CELT a check, and send you a receipt for your taxes.  Click here to get started.

Of course, there are many factors to consider. Please always check with your tax professional for guidance on the optimal strategy for you!

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