Issue 8 Stories

New Tax Law and Charitable Giving

With the introduction of the tax law this year, you may be wondering how you are impacted.

Among the changes:

Standard deduction: The new law nearly doubles the standard deduction to $12,000 for single filers, $18,000 for heads of household and $24,000 for joint filers.

Charitable contributions for cash gifts:

The new law increases the limitation on donations by cash, check or credit card from 50 percent of adjusted gross income (AGI) to 60 percent of AGI.

Itemized deductions: If you are eligible to itemize in 2018, your deductions may look a little different (though charitable deductions remain under the new law if you are eligible to itemize). If you purchase a new home, there is now a cap on the mortgage interest deduction for the first $750,000 of debt on your primary residence. Under the new plan, if you itemize your deductions, you will be able to deduct up to $10,000 for income taxes, sales taxes and property taxes.

If you are not eligible to itemize, consider these other smart ways to make a gift to the Martha Jefferson Hospital Foundation:

Gifts of appreciated property: You may qualify for an income tax charitable deduction and eliminate capital gains tax.

The IRA charitable rollover: For individuals age 70½ or older, this option helps fulfill your required minimum distribution and is not considered taxable income.

Have a Question? We Can Help.

Our knowledgeable special gifts team is ready to answer any questions you may have about the many ways in which you can make a meaningful gift to Sentara Martha Jefferson Hospital.

Martha Jefferson Hospital Foundation          


Special Gifts Team:

Ray R. Mishler,

Vice President         

Cathy L. Sedwick,

Director of Philanthropy


Disclaimer:  “The information presented herein is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your calculations.”



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New Tax Law and Charitable Giving

With the introduction of the tax law this year, you may be wondering how you are impacted.