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Stock Donator - A Tax-Friendly Way To Donate -- Friday September 15th, 2023
There is an easy way you can be the hero of our rescue and it’s by donating stock. Most importantly, it helps us continue to offer the support you’ve been reading about. But it can also help you avoid paying capital gains tax!
Many of you aren’t redeeming your stock because of the capital gains tax you would have to pay. An easy way to support our work is to donate that stock and it couldn’t be easier. You simply go to the top of our web page and click the “Donate Stock” button. You’ll get a confirmation as soon as the transaction is processed. Should you decide to give again next year, your information is saved. Such a simple way to be a hero!
Frequently Asked Questions from donors:
You should only donate stocks that have increased in value and that you’ve owned for at least one year. Stock sales are subject to capital gains tax and if the stock is less than a year old, the tax benefits are reduced. Also, if you sell a stock that has increased in value, you will have a larger capital gains tax burden at the time of sale. By donating it, you can lower your tax burden. Finally, you should donate publicly traded stocks.
When you a redeem a stock that has increased in value, you must pay capital gains tax on the profit you’ve made. This allows you to donate to us while avoiding this tax. This helps you support us while not impacting your cash flow.
It is very easy. You simply go to our website and click on the green button on top right, “Donate Stock”. The website walks you through the donation process, so it isn’t hard. By donating this way, you quickly get a receipt you can use for your taxes. Should you decide to donate stock again, your information is saved so you only must fill out the information once.
In Memory of Catherine Lewis -- Saturday March 5th, 2022