Can I donate stock to charity?

Stocks, Charity
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November 2016
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Absolutely! 

One of the best ways to give to charity is through highly appreciated stock. Here is how this works:

Contact the charity where you would like your donation to go. Most will have a brokerage account set up with one of the larger brokerage firms. They will give you wiring instructions to have the stock transferred. You will want to make sure that your brokerage firm knows that you DO NOT want to sell the stock, but are wanting to "transfer in kind" to the charity. That way, the charity can sell the stock and use the funds for the charitable purpose without having to pay any taxes on the gain.

Now, if you have a stock that has a built in loss, do not give this "in kind." Instead, you will want to sell the stock at a loss in order to take the loss on your personal tax return AND use the proceeds to give to the charity which will go on your Schedule A as an Itemized Deduction.

Giving stock is one of the best ways to support great causes and use the tax code to your advantage!

November 2016
November 2016
June 2007
November 2016