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Sheena Hanson, Investment Advisor Representative and CCO, Uncommon Cents Investing

Gifting assets during life or after death is a priority for many. It’s good for the soul and might provide significant tax advantages. If gifting to family, friends, a charity or others is important to you, here are some tips to help with the process.

Keep track of the charitable donations you make by documenting them in detail, as you might be able to deduct them on your taxes if you itemize. All taxpayers can deduct up to $300 in cash donations on their 2020 income tax returns, thanks to a provision in the federal CARES Act earlier this year.

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