Gifts of Stock a Great Idea
The Dow has set 80 new record closings highs since the 2016 presidential election. Yesterday, it hit another at 24,290.05!
That means it’s an excellent time to pitch in and donate stock to charity. Giving appreciated stock you’ve held for more than a year is actually better than giving cash. If you donate stock that has increased in value since you bought it more than a year ago – and if you itemize deductions — you can take a charitable deduction for the stock’s fair market value on the day you give it away. You’ll also avoid capital-gains taxes on the increase in value over time, which you would have to pay if you sold the stock then gave the charity the cash proceeds.
Donating stock is a great way to step up your philanthropy. Whether you’re giving $1,000 or $100,000, giving appreciated stock can let you bypass a capital gains tax bill and get a bigger tax deduction. Of course, cash and other types of gifts are also welcome, but we thought you’d like to know how impactfull a gift of stock could be right now—when the Dow is the highest it’s ever been!
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