Tom Herman

speaker

200 appearances 3 recordings 1 series first heard Jan 2020 last heard Sep 2022

Tom Herman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Individual Investors Can Reduce Their Tax Bill by Year's End · 1 Dec 2020 podcast

And this is another timely issue because of the stock market strength so far this year.

But before you do, you've got to pay attention to some of the fine print in the tax laws.

So the general advice is consider donating stocks and other securities that you've held for more than one year and that you're holding in taxable accounts.

Focus on stocks that you own that have risen sharply in value since you purchased them, and again, that you're holding in a taxable account.

These are referred to by tax professionals as highly appreciated securities.

There are some big benefits to that.

First, you typically can deduct the full market value of the shares, assuming that you itemize.

And number two, you don't get hit with capital gains taxes on the increased value of those shares.

Otherwise, you would have to pay those if you sold the shares and donated the proceeds.

One other piece of advice, again, it's a tax trap some people may fall into.

do not donate your losers.

If you have a stock that's gone down in value, don't donate that to charity.

Instead, consider selling it, especially if you're going to anyway, and donate the proceeds to charity.

When you sell it, you can nail down valuable capital losses that can be used to reduce your taxes.

That's a very important issue.

If you're donating stocks to charity, focus on those that you've owned for more than a year and that have increased sharply in value.

That holding period is very important.

If you give away highly appreciated stock you've owned for one year or less, that's considered short-term.

In those cases, you generally can deduct only your cost basis.

That means what you paid for tax purposes.

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