Did you know that you may be able to enjoy two tax benefits if you donate long-term appreciated stock instead of cash? First, if you itemize, you can claim a charitable deduction equal to the stock’s fair market value. Second, you can avoid the capital gains tax you’d pay if you sold the stock. But the charitable deduction will provide a tax benefit only if your total itemized deductions exceed your standard deduction, and the TCJA nearly doubled the standard deduction. Also, additional rules and limits apply. Contact us to learn more.
© 2019 Taylor & Morgan, CPA, PC All Rights Reserved.
Web Builder CS: Websites for Accountants