Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : The Critical Investing Workshop -- Ignore unavailable to you. Want to Upgrade?

To: voop who wrote (484)	12/29/1999 2:32:00 PM
From: gdichaz	Respond to of 35685

voop: The idea is simple - even though the fine print is extensive. If you donate a publicly traded stock (such as QCOM) to a charity recognized as such by the IRS, and you have owned that stock over a year, the market price will be the basis for your donation and your charitable deduction. (In the fine print that will be calculated as the average of the high and low price on the day donated) . Straightforward. The mechanics are a pain, but manageable. After you have decided which charities, call them. Most major charities can guide you in the mechanics. Usually the charity will give you their broker's DTC number for a wire transfer from your own broker to theirs (assuming your stock is held for you in a "street account"). And further intstructions once the stock reaches their broker for further transfer into their account. Schwab can also give you clear instructions. You write a letter to your broker citing the info from the charity and following the instructions carefully. The broker then makes the transfer based on your instructions. (This may take a few days) It's like everything else, the first time you do this is tough, after that it gets easier. But never painless - does take some time and effort. But seriously, given the fine print just cited it is important to check with your tax lawyer and accountant to be sure you are OK. And keep a careful record. That's it. And you can do some good with the Q for others too. Good luck. Chaz a.k.a. Cha2