Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: reynolm One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Giving stock to non-profits, tax ramifiacations Date: 9/18/2000 4:47 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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
Print the post Back To Top
Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 40073 of 121061
Subject: Re: Giving stock to non-profits, tax ramifiacati Date: 9/18/2000 6:21 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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

Print the post Back To Top
Author: mathetes Big red star, 1000 posts Old School Fool Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 40472 of 121061
Subject: Re: Giving stock to non-profits, tax ramifiacati Date: 10/2/2000 8:02 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement