If you have stock that you have owned for more than one year, and it has appreciated since you purchased it, you can save on the capital gains tax you would owe if you sold it yourself by donating the stock to Canal Alliance.
The benefits available to you when making a contribution of stock or mutual funds may include:
- Avoiding federal and state tax on the capital gain.
- Receiving an income tax deduction (federal and most states) for the full market value of your gift if you itemize deductions on your tax return and have held the assets one year or longer.
- Making a larger gift at a lower original cost to you.