Nathan Brian and Jill Sandager in La Bohème. Photo by Rick Spaulding, 2007.
Donating stock that has appreciated in value is a win-win move for you and Theater Latté Da. You won’t have to pay capital gains taxes on the profits, the full value of the stock can be deducted as a charitable donation, and you help Theater Latté Da further its mission.
For example, say you own $10,000 worth of stock that you originally bought for $3,000. If you sell it now, you’ll pay tax on the $7,000 profit. (If you’re in the 28 percent federal tax bracket, and qualify for the 20 percent long-term capital gains rate, you’d pay $1,400 in tax. That reduces the $10,000 to $8,600.) But if you give your $10,000 worth of unsold stocks to a charity, the IRS kindly lets you claim a tax deduction for the full $10,000. At the 28% tax bracket that works out to a $2,800 deduction.
It’s quick, it’s easy, it helps Theater Latté Da.
Instruct your broker to transfer stock to Theater Latté Da through:
c/o Colin Shaughnessy
7601 France Avenue South, Suite 550 Edina, MN 55435
Account Name: Theater Latté Da
Account Number: 24291239
DTC Number: 0765
Questions may be directed to Colin Shaughnessy, Financial Consultant-Ameriprise Financial at email@example.com, 952-857-1428.
Also, please notify Seena Hodges at firstname.lastname@example.org when you make a stock donation to ensure that your donation is properly credited.