Stock Gifts to CLC
Are you are aware that you can now donate publicly traded securities (stocks, bonds, mutual funds, ETFs) directly to CLC, and there may be specific tax benefits in doing so*. For example, if you own a stock that has appreciated in value, you can avoid future capital gains taxes by donating the stock directly to CLC’s Northern Trust brokerage account, rather than selling it yourself. If you itemize deductions, you may be able to claim the fair market value, as determined by IRS regulations, on your tax return. Making the transfer can be easier than you may think. If your securities are held in a brokerage account, it can be as simple as filling out a form with your broker. Please contact our treasurer Bill Nelson if you have questions or want to start the process. Once your transfer is processed, you will receive an acknowledgment with the fair market value of your gift to CLC. (*Note that everyone’s tax situation is unique, and you should discuss specifics with your tax advisor.)
