Stock Donation to Charity/New rules

[36girl]

Recently retired, out of the loop!! Can anyone tell me what the new rules are for donating UPS stock to charity? Thanks

 

[Raw]

Recently retired, out of the loop!! Can anyone tell me what the new rules are for donating UPS stock to charity? Thanks

Sell the stock, deposit in your checking account, then write a check for your charity!

 

[705red]

Sell the stock, deposit in your checking account, then write a check for your charity!

Raw just because you worked for H and R block for 1 summer doesnt mean your a financial investor now.

 

[xdyaq9gsje8s1040]

NO!!!!
Do NOT sell the stock and then write a check from a portion of the proceeds to the charity.... you will have to pay capital gains taxes. Instead donate the stock to the charity directly and have the charity sell it. You avoid ALL capital gains taxes that way AND can still get a deduction on 1040 schedule A for the FULL market value of the donation. Just make sure you submit form 8283 "non-cash contributions" with your tax return.

 

[j13501]

NO!!!!
Do NOT sell the stock and then write a check from a portion of the proceeds to the charity.... you will have to pay capital gains taxes.


xdyaq9 is 100% correct. You can avoid taxes by donating the stock directly. The Mellon web site has forms that you can print that are specifically for the donation of Class A stock. Take some time and take a look at the Mellon web site and you will save yourself money in the end, as well as doing a nice thing by donating to charity.

 

[Channahon]

36 Girl

If you do not have Mellon holding A shares for you, whoever is holding your B shares can do the same.