You know how sometimes you just want to tell people what to get you for the holidays, so you don’t end up with the same matching reindeer pajama set that you did last year? That’s kind of what this blog post is…
We’re doing the slightly embarrassing work of asking you, our community and supporters, for our ideal holiday gift. It’s the kind of gift you daydream about. (If you’re an arts nonprofit anyways!) It fits in any size box, can be used to help us fund any number of incredible programs, and might be kind of a gift to you as well!
You guessed it — the mystery gift is donating some of your stocks to IPaintMyMind!
Stock donations are an underrecognized form of giving and can be an incredible resource for nonprofits like us. Plus, you might get a pretty sizeable tax benefit if you have owned the stock for over one year!
Donating shares of stocks, mutual funds, or exchange traded funds is easy. All you have to do is contact the investment company where you have an account and inquire about the process they have in place for sending securities to IPMM’s account at Raymond James. We have an account set up specifically to receive these donations of stock and other investments, which also makes it easy for you to note on your tax record.
We would recommend that you work with your financial team to decide which investments make the most sense to donate. You want to look at stocks or other investments that you have owned over a year and which have appreciated in value.
When you donate a share of a stock that has appreciated, you can avoid paying significant capital gains taxes. Generally, you have to pay taxes on the growth of any stock, but by donating, you get to pay only on the original value of the share AND you get a tax deduction for the full value of the stock at the time of your donation.
So, let’s get this straight — you save tons of money on taxes, and are able to give us a fantastic gift that will keep on giving.
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