There are a number of great benefits for both you and your favorite charitable organization when you donate your time or money. With tax-season upon us, take a look at two big benefits to donating stock to your favorite charity.
- Donate appreciated stock to a charity to save on capital gains taxes. Typically, anytime you sell stock that has risen in value you have to pay taxes on the appreciated value. However, when you donate appreciated stock to charity you can avoid any capital gains implications. Also, the charity is not required to pay taxes on the appreciated gift. This means you are able to give even more to your favorite charity.
- Stock donations can be tax deductible. In addition to avoiding capital gains, any stock you donate to charity may also be tax deductible. By itemizing your deductions, you can typically deduct the stock donation from your taxable income, leading to income tax savings.
Are you ready for more good news?
The Sisters of St. Mary of Oregon Foundation has partnered with FreeWill to provide a free stock donation planning tool that will guide you through a simple three-step process and provide additional resources about donating stock.
It only takes about 10 minutes to save on your taxes and enrich the legacy of the causes you care about the most.
Visit ssmofoundation.org/planned-giving to learn more about our partnership with FreeWill and explore all of the free tools available to help make estate planning and gift giving simple and quick.