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Charitable Donation of Stocks & Bonds InKind Please use this form to initiate a transfer of securities to Tearfund Canada (Charitable Registration # 10822 2191 RR0001) as a charitable donation inkind.
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What is charitable donation of stocks?
A charitable donation of stocks is the act of giving shares of stock to a registered charity, which allows the donor to avoid capital gains taxes on the appreciation while also potentially providing a tax deduction.
Who is required to file charitable donation of stocks?
Individuals or entities that donate stocks worth more than $500 are required to file Form 8283 with their tax return to report the donation.
How to fill out charitable donation of stocks?
To fill out the charitable donation of stocks, you need to complete Form 8283, providing details such as the name of the organization, description of the stock, date of donation, fair market value, and any income tax deduction claimed.
What is the purpose of charitable donation of stocks?
The purpose of charitable donation of stocks is to provide financial support to nonprofit organizations while allowing the donor to benefit from tax deductions and avoid capital gains taxes.
What information must be reported on charitable donation of stocks?
The information that must be reported includes the name of the charity, the description of the donated stock, the date of donation, the fair market value of the stock at the time of donation, and any appraisals if necessary.
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