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I am planning to give some stock to my church. For stock held long term there are no capital gains taxes and the full amount is deductible. For short term I do not understand exactly how it works. Can someone respond or point me in the right direction please?

Thanks,
Mark
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I am planning to give some stock to my church. For stock held long term there are no capital gains taxes and the full amount is deductible. For short term I do not understand exactly how it works.

Your deduction is limited to your basis. See IRS Publication 526.

TMF ExRO
Phil Marti
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reynolm: I am planning to give some stock to my church. For stock held long term there are no capital gains taxes and the full amount is deductible. For short term I do not understand exactly how it works. Can someone respond or point me in the right direction please?

Mark -- Phil Marti already gave you the technically correct answer. Left implicit were the practical implications of that response. What he didn't say explicitly is that there's generally no reason why you would want to give stock that you've held for only a short term. You'd be better advised to hold the stock until it is long term, and give the cash equivalent of the basis (the purchase price of the short term stock) if there's some time pressure.

mathetes
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