Do you have an appreciated stock? With the stock market hitting record highs, consider gifting stock you’ve held for one year or longer to the Cleveland International Piano Competition. There’s a double tax benefit: (1) You can deduct the current fair market value of the stock; and (2) you will avoid the capital gains tax, as well as the new 3.8% Medicare tax that you would have paid if you had sold the stock.
Call CIPC Development Director Molly Dixon at 216-707-5397 today learn more about the advantages of gifting stock to CIPC or to begin arranging your stock contribution in advance of the December 31 deadline. As always, please consult your tax adviser before implementing either of the above charitable gifts.