DONATING STOCK
You don’t have to be a Bill Gates or Warren Buffet to maximize tax deductions for charitable contributions. To maximize their deduction and donations, these tax savvy contributors donate stocks instead of cash. So can you if you have stocks that have increased in value. How does it work?
If you’re your stocks have increased in value from the time of purchase (must be held for more than one year), you can avoid paying the capital gains tax by donating the security to the Seneca County House of Concern. What you get is the ability to make a larger contribution, (good for us) since taxation is avoided on the stock donation. The full value of the security being donated is eligible for a tax deduction (good for you). Details can be found in the attached WSJ Article
The mechanics are rather straight forward. A security’s gift value is determined by its fair market value on the day you make the gift. In the case of certificates mailed to us, the date of gift is the date of mailing; if the shares are transferred to the Seneca County House of Concern on the books of a broker or agent, then the gift date is the date of transfer.
To make a gift of securities or stock, please contact Executive Director Olan Mack by emailing director@houseofconcern.org or calling (315) 568-2433.
For more on this topic read http://houseofconcern.org/the-benefits-of-donating-part-1/