The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Effect of charitable donations on tax liabil Date:  12/19/2005  12:59 PM
Author:  ziggy29 Number:  82096 of 132710

>> But that applies only to assets that you have had for long term (a year and a day, or longer), doesn't it? I thought I read somewhere that if you had held it short term (up to 1 year) that you still have to declare the short-term gains if you donate it. <<

If you've held the securities for more than a year, you can deduct the full current market value. If you donate them within a year, you can only deduct the cost basis.

Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us