You’ve worked hard for years and saved money along the way, but how do you take those retirement savings and turn them into retirement income that will last for 30 years or more?
Since the tax changes in 2018, most Americans are using the standard deduction rather than itemizing, as the standard deduction has nearly doubled—and SaLT tax deductibility is limited to $10,000. That means charitable contributions—which are itemized deductions—no longer have the same tax benefit for most. There are two ways you can plan to maximize the impact of your generosity: Donor-Advised Funds (DAFs) or Qualified Charitable Distributions (QCDs) from your IRA.
The rules of a 1031-exchange are fairly straight-forward, but the execution is anything but. You need to have a 1031-exchange company on-board, as well as your tax-preparer.