If you have assets, such as securities, that have increased in value during the time you have owned them, you may want to use them to fund your charitable gifts this year. Congress and many states have provided valuable tax incentives for gifts of assets other than cash.
When you give stock that you have owned longer than one year, you are entitled to an income tax deduction for the full value of the asset, not just the amount you paid for it. All capital gains that would be due on the sale are avoided. You are allowed to use the "profits" in your investment to reduce the amount of income tax you might owe.
You may deduct gifts of appreciated assets each year in an amount up to 30% of your adjusted gross income. As with cash gifts, you can use any excess deduction in as many as five tax years.
For guidance on your particular situation, we suggest that you consult with your independent financial, tax, or legal advisor.
Please notify your bank or broker and Ivan Rodriguez by phone at (626) 254-5076 or e-mail that you are making a gift of securities to Pacific Clinics.
Please instruct your bank or broker to contact:
*Credit to account: SFA-012092 (Pacific Clinics)
Teri McCasland of National Financial Services, LLC (DTC 0226), who can be reached via e-mail, telephone (213) 612-0220, or fax (213) 612-0329.
*Credit to account: SFA-012092 Pacific Clinics.