Donating appreciated stock instead of cash can allow more money to go to charity. This is where Daffy, a leading donor-advised fund provider, comes in. Daffy makes it incredibly easy for its members to contribute nearly any publicly traded stock to their Daffy fund. This stock can then be sold and donated to any charity of your choice.
This method not only allows for a tax deduction but also gives you more time to decide on which organizations to support. To contribute stock, all you need to do is log into your Daffy account, select stock as a contribution option, and initiate a transfer from your brokerage. The stock will be liquidated and added to your fund balance once received, usually within 7-10 days.
But the benefits of using Daffy don't stop there. If you're unsure which organizations you want to support just yet, you can invest the cash in one of Daffy's portfolios to grow tax-free for future donations. Plus, at the end of the year, you'll receive a single yearly tax receipt, simplifying your tax process.
The minimum stock contribution you can make is $1,000, but you can always come back later and contribute more. So, if you're looking to lower your tax bill and maximize your generosity, Daffy is the perfect solution for you.
Please note that the information contained in this post is for educational purposes only and should not be considered tax advice. To assess your specific tax situation, please consult with a tax professional.
Simplify your giving with Daffy, the Donor Advised Fund for You™. Easily donate to almost every US public charity, track tax-deductible contributions, and access donation receipts all in one place. Daffy waives all membership fees for members with less than $100 in their fund, so get started today for free!
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.