Tony Wesley said:My employer is also doing a double match for donations.
I took advantage of this offer to leverage my gift.
We all should do something.
If you have stocks that you have held at least a year and have
appreciated significantly, most charities will accept them as donations.
This way, you write off the entire value of the stock without having
to pay capital gains tax. (if you have stocks that you've taken a loss
on, you should sell them first and donate the proceeds.)
If your stock with the big capital gain is one you really don't want to
get rid of yet, donate it anyway and buy back the same number of
shares and you will have increased your cost basis by the amount of the
capital gains (avoiding the tax when you do eventually sell the position.)
My employer does not match gifts to agencies like the American Red
Cross, Salvation Army, United Way, etc. They do match contributions to
hospitals and to most "The Arts" NPO's. So [this has nothing to do with
Katrina, it's just an example] I'm gonna make a donation of stock to a
cancer research hospital like M.D. Anderson or Sarah Cannon instead of
the American Cancer Society and it will qualify for the match.
I haven't figured out how to work the system to get the match for
Katrina relief. Maybe I can make a gift directly to a hospital in Baton
Rouge or Jackson, Mississippi...
Best regards,
Bob