Your gift to advance heart care will serve patients for generations to come. Steve Shepard understands that by giving appreciated stock, you can also help yourself when April 15th rolls around.
When Steve and his wife, Donna, decided to make a significant gift to Providence Heart Institute, Steve knew it would be most advantageous to give appreciated stock, bonds, or mutual funds.
“It’s pretty straightforward,” he says. “I knew that by giving an appreciated security, I would not only get the income tax deduction for the amount of the gift, I would also avoid paying capital gains on the appreciation.”
With stock market indices at record highs, now is the time to consider if a gift of an appreciated security might benefit you. Depending on your tax bracket and how much the security has appreciated, your tax savings could be significant. For example, if you have a top marginal income tax rate of 28% and you give $10,000 in stock initially purchased for $5,000, you might save more than $3,500 on your federal income taxes. If your top marginal rate is 39.6%, you might save nearly $5,000.
Tax rates and brackets vary. So, as with any important financial decision, it’s important to consult your tax or financial advisor before making a gift.
“When you consider the tax deductions, it’s a pretty great deal,” says Steve. “Of course, the most important reason to give is the great work they do at the heart institute.”
If you would like additional information about making gifts of appreciated securities, please contact Shawn Fincher at 503-216-6612 or email@example.com.