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5 Things To Know About Year-End Stock Gifts

Article Type: Tips & Insights

Considering a year-end gift of stock? Here's a few things you should know:

  1. It’s best only to give stock that you’ve held for at least one year. Otherwise, your charitable deduction is limited to what you paid for it (the cost basis).
  2. Give appreciated stock only. If the current value of your stock is less than what you paid for it, you would be better off by selling the stock, recognizing the loss on the sale on your income taxes, and making a cash gift with the proceeds.
  3. Giving appreciated stock will reduce your taxes, even if you don’t itemize charitable deductions on your tax return.
  4. To receive a deduction on this year’s taxes, stocks must be transferred into your Stewards Fund account by December 31.
  5. For a smooth transfer, communicate with us about your gift in advance. Unless you or your broker notify us of your gifts, we have no way of tracing them back to you when shares are received into our account. The best way to do this is by completing the “Gifting Securities to Your Stewards Fund” form found at www.BarnabasFoundation.com/families.

If you have any questions about giving stocks or mutual funds, call 888.448.3040, or email info@BarnabasFoundation.com.