You can donate stock to WCMA, which can result in tax savings for the donor by eliminating capital gains. The WCMA has a brokerage account it uses where individuals can transfer stock. The WCMA would immediately sell the stock and put the proceeds in our Grant fund. These dollars are distributed to charities at the end of the year.
Here is an example to illustrate why donating stock can be more beneficial that donating cash. If you own stock that over time has increased in value from $50 to $100 per share and gift it to the WCMA, we will receive a donation worth $100. But the donor does not have to pay any capital gains because it is the WCMA that will be selling the stock, not the donor. And yet the donor can claim a charitable deduction for $100 – the full value of the stock. So the donor benefits in two ways – by not paying capital gains on stock that has increased in value and by being able to claim a charitable deduction for the increased value of the stock.
This is a terrific way to make a contribution to the WCMA. If you are interested, please contact Peter Heckman, Co-Treasurer.
Note: Information provided by WCMA is not intended as financial, legal, or tax advice. As always, please consult your tax advisor. WCMA is a 501(c)93) nonprofit organization. Federal Tax ID: 61-1698757