GIVING

Donating stock can be one of the most tax-efficient ways to give. By donating appreciated stock that you've held for over a year, you could potentially save in capital gains taxes and deduct the charitable donation on your federal income taxes. To understand the full tax benefits of giving appreciated stock, please consult with your tax professional.

When donors give appreciated stock, the shares are transferred from the donors’ brokerage account directly to Beloved Church's brokerage account. As Beloved Church is a qualifying non-profit, if the donor has held the stock for more than one year, the donor does not have to pay tax on the capital gain. In addition, the full value (or fair market value) of the donated stock is the amount of the charitable donation donors can claim on their individual income tax return.

Immediately after submitting your donation, you will receive an email confirmation of your gift. Stock transactions take 2-14 days to reach our account depending on the sending and receiving brokerages that are involved in the process. Once we receive your gift, the nonprofit will send you an IRS-compliant acknowledgment letter that you can use to itemize the charitable deduction on your taxes.

Currently, the Overflow platform can facilitate the donation of publicly-traded stock. This includes common stock, employee stock options, restricted stock units, and employee stock purchase plans. Overflow does not currently facilitate donations of mutual funds or fractional shares.

File Form 8283 for the 1040 tax return. To calculate how much to deduct from your taxes, the general rule of thumb is to deduct the fair market value which is the average of the high/low price of the stock on the day it was received by the nonprofit. This is for assets you’ve held for more than a year. The date the stock was received by the Beloved Church can be found in the acknowledgment letter you receive from us. Include this letter in your tax return.