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You would record this as a charitable deduction on Schedule A. You get to deduct the Fair Market Value of the gift of the stock at the time the gift was made.
You do not report a sale of the stock.
If you’ve owned the stock for more than a year, you get to take the current value as a charitable deduction if you itemize and you don’t have to pay tax on the appreciation.
Take a look at this link for a detailed explanation and look at the section titled Benefits:
You would record this as a charitable deduction on Schedule A. You get to deduct the Fair Market Value of the gift of the stock at the time the gift was made.
You do not report a sale of the stock.
If you’ve owned the stock for more than a year, you get to take the current value as a charitable deduction if you itemize and you don’t have to pay tax on the appreciation.
Take a look at this link for a detailed explanation and look at the section titled Benefits:
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