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As is the case with many families, there are times each year when Jim and Sharon focus their attention on gift giving. For years, they have created a gift list that includes family members, friends and loved ones. Last year Jim and Sharon made an addition to their list and began including Utah State University in their giving plan.
Sharon: Years ago, I inherited stock from my grandmother. We held the stock for several years, but decided to sell a portion of it this year. The stock had gone way up in value, and our CPA informed us that we had a capital gain of nearly $120,000. We had always planned on making a charitable gift and the CPA reminded us that if we were to make a gift of this stock before the end of the calendar year, we would receive a charitable deduction on the gifted shares. This deduction will help offset the capital gains tax on the stock we sold.
Jim: We contacted USU's gift planning office to discuss the best way to make a gift. They noted some of the most common gifts - a gift by check or by transfer of bonds or real estate, to name a few. However, they also mentioned that it might be especially beneficial for us to think about giving some of our remaining appreciated stock.
Sharon: We were still holding $80,000 in the same highly appreciated stock and did not intend to sell, primarily because of the substantial capital gains tax we already faced. To sell any more would only increase our tax. The gift planner recommended that we consider an end-of-year gift that would help lower our taxes. They call this a Gift and Sale plan. It meant that part of our stock would be sold and the proceeds would come to us, and part would be gifted to Utah State.
Jim: That is what we decided to do. By giving the $80,000 in stock, we received two benefits. First, we avoided a large capital gains tax on that stock. And then, we received a charitable deduction. The deduction even offset the capital gains for our prior stock sale of $120,000. We are very pleased with the double benefits of our gift. And, we're delighted that we've been able to make a nice charitable contribution to USU.
*Please note: Names and stories are meant to be examples of types of gifts donors can give to Utah State University. Since your benefits may be different, you can click here to view an estimate of your benefits.
