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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: MJ who wrote (836)3/30/1998 9:09:00 AM
From: ccryder  Respond to of 5810
 
One way to save taxes on gifts of appreciated stock is to give it to charity. You get to deduct the current price of the stock as a charitable donation and you don't even need to establish a basis for the stock you give. Relatives don't qualify for this treatment. I do this with charities I would normally give cash donations to.



To: MJ who wrote (836)3/30/1998 11:18:00 AM
From: Taxboy  Read Replies (1) | Respond to of 5810
 
If your daughter is under 14, her income might be taxed at your rate. Otherwise, she takes your basis and if she sells the difference between her sales price and her "carryover" basis is her gain, and would be taxed at 10% if its is a long term capital gain and she is in the lowest tax bracket. This is a good way to make annual fgifts and i have been advising my clients to do this.


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