Paying Tax on Charity donation?
|
  |
|
|
| Author |
Message |
joanne
Apprentice
Joined: 26 Oct 2005
Posts: 6
|
 Posted: 02/25/08 - 08:09 Post subject: |
 |
|
| I am interested in giving a large sum of money to home for abandoned children, when I was there visiting, I was extremely disappointed on the conditions those kids are living in. I would like to know if there is any tax in paying for charity donation, how high and can I avoid it anyway? |
|
|
Back to top
|
|
|
|
 |
armin
Apprentice
Joined: 03 Sep 2005
Posts: 11
|
| Posted: 03/25/08 - 23:50 Post subject: |
|
|
| Yes, there are always taxes, but there are ways to avoid paying them partially or completely. You may have some kind of stock that you wish to give to charity and one interesting thing is that, if it’s lost in its value, than it would be recommended to sell it before you give it to charity. That way you get the capital loss and no taxes paid. On the other side, if you hold a stock which value has increased, you should donate the stock as it is, you should not sell it and than donate it to the charity if you want to avoid paying tax for capital gain. |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
|
|
