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Giving through Stocks and Mutual Funds
Congress and many states provide extra tax incentives for gifts of properties other than cash. When you give stocks or mutual funds you have owned longer than one year, you may be eligible to receive an income tax deduction for the full value of the asset, not just the amount you paid for it. All capital gains taxes that would be due on a sale of the property is avoided. You are, in effect, allowed to use the ?paper profits? in your investment to reduce the amount of income tax you would otherwise owe. Please consult your tax attorney or account for your individual situation.
Example: John and Martha Green purchased 500 shares of XYZ Corporation in 1990 at a cost of $1,000. Today the shares are worth $5,000 and pay less than 1% in annual dividends. If the Greens sold the stock, they would realize a $4,000 capital gain. They could owe as much as $ 800 in capital gains taxes on the sale. Additional amounts could be due in state taxes as well, depending on where they live.
Giving stock allows the Greens to completely avoid capital gains tax, thus increasing their tax savings dramatically over the amount of their savings had they made their gifts in the form of cash or by first selling the stock and giving cash proceeds.
If you would like to learn
more about giving to Spenta University through the use of stocks of mutual
funds, please contact
