Transferring a gift of long-term appreciated stocks-those owned for more than one year-can provide significant tax advantages by allowing you to deduct the fair market value while paying no capital gains tax. Today, most stock transfers are easily made electronically from your broker account to the Redeemer Radio account. Please contact Dave Niswonger, Vice President, Investments at Counsel Oak Financial of Raymond James at 574-208-6331 if you would like to learn more about stock transfers.
Selling your stocks first and donating the proceeds may cause you to miss out on these tax benefits. Selling depreciated stock and donating the proceeds may also be tax advantageous to some since you can generally claim the reduced value as a "loss" in your tax filing, in addition to the income deduction for the cash proceeds. We highly recommend you seek the guidance of a professional financial planner/advisor, attorney, or accountant to determine the arrangements that best serve your financial needs and philanthropic goals.
Whether you are electronically transferring stock, mailing a stock certificate or giving a mutual fund gift, please notify us. Acknowledgement of your gift allows us to track its progress, assign your gift correctly, and provide you with an acknowledgement letter for your tax records.