Tax Advantages of Donating to TACA
As the year comes to an end, you can take advantage of many opportunities to lower your tax bill. Your donations to TACA are tax deductible since TACA is a non-for-profit organization.
In addition to donating funds, you can also donate securities (stocks, bonds and several other financial instruments) to TACA. TACA has a brokerage account with Fidelity.
The advantages of donating securities to TACA include:
- A donor is excluded from paying the capital gains tax on a security that has appreciated (if the security has increased in value since the time of purchase, the owner avoids paying the capital gains tax if he/she donates the security to a charitable organization.
- When the security is donated to a charitable organization, the total amount is eligible for a tax deduction.
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