If you own stock that has appreciated over time, selling it could result in capital gains taxes. However, if you’re charitably inclined and itemize deductions on your tax return, there’s a tax-savvy alternative. Consider donating publicly traded stocks that you’ve held for more than a year directly to an IRS-approved charity. That allows you to avoid capital gains taxes on the appreciation. Your deduction will equal the market value of the shares at the time of the gift and the charity can sell the stocks tax-free. It’s a smart way to support a cause you care about while maximizing your tax benefits. Contact us with any questions. © 2024