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USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
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My 82 year aunt sold stock she had held for over 40 years for

Customer Question

My 82 year aunt sold stock she had held for over 40 years for 192,000.00, and invested it in a less risky fund account. The capital gains on the stock sale will be around 160,000.00. She has an income from social security, bank interest and pension of around 31,000.00. She was not aware that a donation of some of these stocks would have decreased the capital gain amount. Will a cash donation, made now, offset the capital gain for 2011?
Submitted: 5 years ago.
Category: Tax
Expert:  USTaxAdvising replied 5 years ago.

No, a cash donation made now will not offset the capital gain for 2011.


The gain on sale of the stock has been realized and will be reported must be reported in full.

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Customer: replied 5 years ago.

Is there anyway to offset some of the gains - the proceeds from the sale were put into a fund account - what if a portion of that fund was donated to a charity?

Expert:  USTaxAdvising replied 5 years ago.

There is nothing you can do to offset the gain. The transaction has been realized already.


What she could have done was donate some of the stock prior to the sale, that would have been the best thing to do and would have minimized her gains, while providing a good charitable contribution.


Since the stock has been sold there is nothing to do to minimize the gains now.