Frequently Asked Questions: Co-Donation (charitable donation)
1. Can I choose the charity? Wilson Hand has taken the time to thoroughly vet several foundations to ensure that they engage in worthwhile philanthropic activities and have the capacity to handle this type of donation strategy. If you have worked with a foundation in the past and would like to see if it will be able to participate in the following years, please be sure to share that information with us.
2. What documents will I need to take the deduction on my taxes? We will provide you with the “origination” documents and a receipt from the Foundation showing the donation to the charity.
3. Why is my contribution shown as one half of what I paid? Half of the funds contributed cover the legal fees and other expenses required to ensure the donation is managed according to I.R.S. requirements. You will still have a 5:1 leveraged deduction.
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