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Jewish Community News
News: December 2006
Taking stock at year’s end
Considering an end-of-the year charitable donation? Instead of cash, think
about donating stock held for more than one year in your investment portfolio.
This may result in enhanced income tax benefits.
Generally, the deduction for a donation of property equals the fair market
value of the property. However, a special rule exists for certain gifts
of stock.
If the donated stock has appreciated in value since the time of purchase,
the donor is entitled to a charitable deduction equal to the stock’s
fair market value. In addition, by giving the stock to a charitable organization,
donors may not have to recognize any of the appreciation. Keep in mind,
a gift to charity must be completed in the year that the donation is made
in order to claim the contribution on that year’s tax returns.
How to Give Stock to Federation:
Call or email us to let us know of your intention to make a donation of
stock. If you leave a message, please include your name, the name of the
stock, the number of shares and the campaign to which the donation should
be applied.
We will provide an account number of a broker to use to
complete the transfer. In all cases, unless a donor states a preference,
we attempt to use brokers with minimal transaction fees in order to maximize
the amount of the donation.
At this point, your part is complete. We will work with the broker to
immediately sell the stock received and deliver the proceeds to the Federation.
Upon completion of the sale of the stock, we will provide a confirmation of the sale to the donor, including the amount of proceeds to be applied to the gift and tax deduction information.
The process is easy! Thank you for considering such a gift. If you have further questions, or you would like to make your donation through stock, please call either Cathie Whalen at (408) 357-7502 or Arielle Hendel at (408) 357-7501.
Portions of this were excerpted from an article presented
by UBS Vice-President Rita Rothstein.
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