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How to record stock transfer to a charitable organization
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Sandy
Jan 12, 2004, 4:12:17 PM1/12/04
to
I recently transfered stock to my synagogue, enabling me to save on
the capital gains tax by using it as a donation. How to I record that
transfer in Quicken?
the capital gains tax by using it as a donation. How to I record that
transfer in Quicken?
Robert Pang
Jan 12, 2004, 5:32:21 PM1/12/04
to
I also want to know. If someone knows the answer, would you please reply to
the newsgroup?
the newsgroup?
Thanks.
Rob
"Sandy" <nos...@optonline.net> wrote in message
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John Crosland
Jan 12, 2004, 9:19:05 PM1/12/04
to
Officially, I believe that when you gift publicly traded stocks to a
charity, you are required to use the average of the high and low price
for the stock on the day the gift is made in order to determine the
value of the gift. As you have already seen, there are tax advantages
to giving appreciated stocks (must be held at least a year) in lieu of
cash.
For me, I have a brokerage account called charity. I transfer
the shares/lots from my normal brokerage account in quicken to this
account so the share lots are handled correctly. After the transfer,
I then record a stock-sale transaction in the charity account registry
using the average of the high/low price on the day of the gifting as
the share price on the sale. I use the memo field to track the
organization that was the recipient of the gift. The account balence
shows the total amount given and the transactions give me everything I
need in filling out my tax return. The quicken tax reports will show
both the sale/gift amount as well as the cost basis for the lots sold.
Once a year, I reconcile the charity brokerage cash to 0 so that it
can always show the comulative value of the gifts through the current
year. It may be just a little more work a little more work but the
process has served me well.
John Crosland
charity, you are required to use the average of the high and low price
for the stock on the day the gift is made in order to determine the
value of the gift. As you have already seen, there are tax advantages
to giving appreciated stocks (must be held at least a year) in lieu of
cash.
For me, I have a brokerage account called charity. I transfer
the shares/lots from my normal brokerage account in quicken to this
account so the share lots are handled correctly. After the transfer,
I then record a stock-sale transaction in the charity account registry
using the average of the high/low price on the day of the gifting as
the share price on the sale. I use the memo field to track the
organization that was the recipient of the gift. The account balence
shows the total amount given and the transactions give me everything I
need in filling out my tax return. The quicken tax reports will show
both the sale/gift amount as well as the cost basis for the lots sold.
Once a year, I reconcile the charity brokerage cash to 0 so that it
can always show the comulative value of the gifts through the current
year. It may be just a little more work a little more work but the
process has served me well.
John Crosland
"Robert Pang" <Rober...@oracle.ccom> wrote in message news:<AmFMb.19$it....@news.oracle.com>...
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