By Sister Laura Goedken
With recent growth in the stock market, this may be a good time for you to look at your portfolio and talk with your investment advisor.
This may be the appropriate time for you to make a gift of appreciated stock. Our nation’s tax laws provide for taxpayers to give appreciated assets and take an income tax deduction for the year of the gift. The deduction is based on the current fair market value of the donated assets, no matter how much you originally paid for it!
To receive a tax deduction you must have owned the securities for more than one year. Such gifts are deductible up to 30 percent of adjusted gross income in the year of the gift. Any unused deduction amounts may be used to help reduce taxes in up to five future tax years. Plus you can avoid capital gains tax on appreciated stock.
Please consider a year-end gift of stock to your parish, school and/or the Diocese of Davenport. Your Annual Diocesan Appeal pledge can be fulfilled with a stock transfer. The transfer is simple, easy to do and can be done electronically.
For more information, please contact Sister Laura Goedken, Catholic Foundation for the Diocese of Davenport, at (563) 324-1911 or Goedken@davenportdiocese.org.
