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Re: Sankarad1 post# 309238

Saturday, 09/19/2020 7:49:15 PM

Saturday, September 19, 2020 7:49:15 PM

Post# of 689328
This is very highly effective giving because you give away the capital gain and of course, neither you nor the receiver pays any taxes assuming they are a registered 501(c)3, i.e. tax-free charitable organization. You do get to deduce the full market value at the time of the gift. So you get a tax deduction for the full value of the gift (I think they are still doing those deductions on the simplified 1040, right, LOL).

That's the way it has always been in the past, anyway. You don't have to pay the cap gains tax and yet you get to deduct the full appreciated value of the asset - this is the most tax effective way to donate!
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