Jim: That came as a huge shock. Our CPA started to talk about ways we could offset the capital gains tax bill. We told him we were planning on making charitable gifts. Our CPA advised us that if we gave some of the remaining stock before the end of the year, we could receive a charitable deduction that would help offset the capital gains tax on the stock we sold.
Sharon: We contacted the American Brain Foundation to discuss the best way to make a gift of stock. The process was so simple! She provided us with instructions and their account number, our broker directly transfered stock from our account to their brokerage account.
Jim: That is what we decided to do. By transferring $80,000 in stock outright to the Foundation, we received two benefits. First, we avoided a large capital gains tax on that stock, and second, we received a charitable deduction. The deduction even offset all of the capital gains from the stock sale. We are very pleased with the double benefits of our gift. And, we're delighted that we've been able to make a nice charitable contribution.
Is a current gift right for you?
Making year-end charitable gifts, especially with highly appreciated property such as real estate and stocks, can be an excellent strategy to reduce your tax bill.
Please contact us if you think you have assets that would make a nice gift to charity. We would be happy to work with you to structure a gift that meets your needs.
*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization. Since your benefits may be different, you may want to click here to view a color example of your benefits.