Can I donate short term capital gains?

Question

If I bought a stock and it doubled, could I donate the stock to a charity so I wouldnt have to pay the tax on the gain?

or is that rule only for long term capital gains? (securities held over 1 year)

thanks

I would use the selling price of the stock as a deduction

Answer 1

You can donate it and not pay taxes on the gain, but your deduction would probably be limited what you bought it for if you hadn't held the stock for over a year. See IRS Publication 17, page 155 (157 in version downloaded at irs.gov), section titled "Giving Property that has Increased in Value".

Answer 2

If you itemize your deductions, you could make a charitable donation equal to the gain. That would effectively wipe out the gain as long as the total charitable deductions were less than 50% of your adjusted gross income.

Answer 3

in case you receive earnings any respect, their is not any thanks to stay away from the tax. Like others have suggested, you would prefer to carry the stocks for a three hundred and sixty 5 days and an afternoon to receive the decrease lengthy time period capital useful aspects cost.