Here are 7 essentials to maximize your charitable giving and tax deduction:
With a charitable gift of appreciated securities held long-term, the donation you make and the deduction you get are greater than they would be if you were to sell the shares and donate the cash proceeds instead. That is because when you donate shares, you avoid paying the Suppose you can either donate $50,000 in stock held more than one year or sell the stock first and donate the proceeds. The stock has a cost basis of $10,000.
To obtain a deduction for the current tax year, the stock transfer must be completed by December 31. For electronic transfers from your brokerage account, the donation is recorded on the day it is received . Plan your year-end stock gifts as early as possible, know the process the charity or nonprofit requires, and have ongoing communications with your broker to ensure that the transfer takes place., you will want to start the process especially early.
Alex Chung is the founder of Cocatalyst and a current member of its board. “We wanted to enable every donor to be able to give in a tax effective way without the headache,” he told me. “Maximizing donations through stock donations and other tax strategies is important because it helps charities get every last dollar.”
Alex started Cocatalyst because he wanted to streamline his family office's philanthropic giving, but he ultimately decided to make the tool available to all. According to, there are over $21 billion in stock donations per year, and that figure is growing at 62% annually. He pointed out to me that philanthropists such as Jack Dorsey and Phil Knight have made large contributions using stock in the past year.
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