Is anyone in the U.S. savvy with how to deduct from your taxes the value of stocks which have been donated to eligible charities? The stocks have been held for decades with a very high value and capital gains. Would love help as my tax guy hasn’t seen this before.
You can calculate the “Fair Market Value” of the stock(s) you donated by averaging the highest and lowest price of that stock on the day you donated it. I used this page to find that, but you can replace “MSFT” in the URL with whatever stock it is you sold.
Is anyone in the U.S. savvy with how to deduct from your taxes the value of stocks which have been donated to eligible charities? The stocks have been held for decades with a very high value and capital gains. Would love help as my tax guy hasn’t seen this before.
Update for anyone else who may find it useful:
You need to fill out Form 8283: https://www.irs.gov/pub/irs-pdf/f8283.pdf
You can calculate the “Fair Market Value” of the stock(s) you donated by averaging the highest and lowest price of that stock on the day you donated it. I used this page to find that, but you can replace “MSFT” in the URL with whatever stock it is you sold.
https://www.wsj.com/market-data/quotes/MSFT/historical-prices