GIFTS OF STOCK
Stock is almost always more tax-wise to contribute than cash. A gift of appreciated stock generally offers a two-fold tax savings. First, you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax charitable deduction for the full fair market value of the stock at the time of the gift.
Example: If you purchased some stock many years ago for only $1,000, and it is now worth $10,000, an outright gift of the stock to us would result in a charitable contribution deduction of $10,000. In addition, there is no capital gains tax on the $9,000 of appreciation.
The Springfield Symphony urges you to discuss your tax planning with your accountant or other professional advisor. If you have any further questions please contact: