Gifts of stocks and bonds that have appreciated in value can be one of the most advantageous ways of giving. You may deduct the full fair market value of the stock as a charitable contribution, while bypassing all capital gains taxes assuming that you have held the stock for more than one year. Donating securities would not however be appropriate if you hold securities that have declined in value. You should consider selling the securities and donate the cash proceeds. In this way, you establish a tax loss and claim an income tax charitable donation for the cash gift.
The value of your gift is calculated by using an average of the high and low prices of the security on the date that it enters our account. This is included in our thank you letter which can then be used as proof of your donation for tax purposes and will also be included in your annual giving statement.
To make a gift of stock to St. Philip’s, contact Bonnie Haacke, our bookkeeper at firstname.lastname@example.org or Larry Ciaramitaro, our treasurer at email@example.com. They can give you detailed instructions on how to transfer stocks to our brokerage account.
If you are already retired and over the age of 70.5, you may also wish to consider a charitable IRA rollover. By giving directly from your IRA, you save the taxes that you would have incurred. This short video from Forbes explains how: