Foresight cannot offer tax advice. Donors should contact their tax advisors for information affecting their specific situation.
Donate stock that's appreciated in value. This is a win-win move. Donate stock and you won't have to pay capital gains taxes on the profits, and the full value of the stock can be deducted as a charitable donation.
For example, say you own $10,000 worth of stock that you originally bought for $3,000. If you sell it now, you'll pay tax on the $7,000 profit. (If you're in the 28 percent federal tax bracket, and qualify for the 20 percent long-term capital gains rate, you'd pay $1,400 in tax. That reduces the $10,000 to $8,600.) But if you give your $10,000 worth of unsold stocks to a charity, the IRS kindly lets you claim a tax deduction for the full $10,000. At the 28% tax bracket that works out to a $2,800 deduction.
Instruct your broker to transfer stock to Foresight Institute through:
FIRST CLEARING LLC
1N Jefferson Avenue
St. Louis, MO 63103
First Clearing transfers phone: 855-372-3526
DTC # 0141
Acct Name: Foresight Institute
Acct Number: 3550-6616
Any questions may be directed to Wells Fargo Advisors at: 800-872-3377
If you need additional information please contact the Foresight Institute at email@example.com or 650.289.0860. Tax benefits are described at: http://moneywatch.bnet.com/retirement-planning/blog/what-works/donating-appreciated-stock-a-double-play-of-tax-benefits/329/
Another option: Donors Use Bitcoin for Tax Benefits and to Keep Tabs on Spending By BRYAN BORZYKOWSKI Nov. 6, 2017.
In 2014, the Internal Revenue Service classified cryptocurrencies, which includes Bitcoin and other digital dollars like Ethereum, Litecoin and Ripple, as an asset, like a stock, which means that sales are subject to capital gains. … If they give those coins to charity, the asset is not subject to capital gains and donors still get to deduct the asset’s value from their taxes as a charitable donation.
Make your donation via Bitcoin, Ethereum, or LiteCoin
Back to challenge grant page