A gift of appreciated stock generally offers a twofold tax advantage:
- You avoid paying capital gains tax on the increased value of the stock.
- You receive an income-tax deduction for the full fair-market value of the stock at the time of the gift.
If you have owned stock for a “long-term” period of time, more than a year, you qualify for these significant tax advantages.
It’s easy to make a gift of stock to Mother Jones via the Foundation for National Progress. Ask your broker to transfer the shares to the FNP.
The transfer should be encoded as follows:
Schwab One Account
Foundation for National Progress, dba Mother Jones Magazine
Tax ID #: 94-2282759
Account #: 4176-1072
DTC Clearing 0164, Code 40
To make sure that you are properly credited and acknowledged for your gift, it is helpful if you or your broker contact the FNP at (415) 321-1700 to let us know a transfer is taking place.