title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Wednesday, July 03, 2002
 
Donating Stock To Charity

Gary Klott has a good introduction to the concept of donating capital gain assets to charity.

However, this is a perfect example of where you should work with your tax advisor to crunch the numbers with your tax situation because there are far too many variables for there to be anything close to a one size fits all strategy.

For example, capital loss carry forwards should play a big part in a decision as to donating appreciated stock or selling it and reporting the gain. A few minutes ago, I finished an income tax return where there is a capital loss carry forward of over $68,000. That client can literally receive up to $68,000 of capital gains tax free in the next tax year; so a donation may not be the best approach.

KMK
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/03/2002 10:52:00 PM Send this post:

Powered by Blogger