 Donating Stock
It is simple to make a charitable contribution in the form of individual stocks or mutual funds. Securities that have increased in value may be worth more in tax savings. These gifts are generally deductible for their full value if owned longer than a year, and they also allow you to avoid the capital gains tax that would otherwise be collected from their sale.
If you have traditional retirement accounts and are over 59 ½ year of age, you might think of making withdrawls sufficient to fund your charitable gifts. Simply report the income on your tax return, and then take a corresponding deduction for your charitable contribution. This plan usually results in a "wash" for tax purposes, but allows you to use additional retirement funds in a manner that ensures they will in effect, never be subjected to income, estate, or gift taxes.
Soon, many charitably-minded people will find that they can leave more of their estate to their family free of gift and estate taxes. This change will pave the way for the inclusion of more charitable gifts in one's long-term estate plans. While reviewing your financial situation this year, keep the following in mind:
Don't hesitate to call the U.S. Eventing Assocition should you have any questions or desire information to complete your charitable gift before year's end. We can put in touch with a member of professionals, who would be pleased to assist you in reviewing your financial situation.
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