Stock & Mutual Funds

If you itemize your deductions and have an annual amount available in stock or mutual funds that you are considering to donate to Charlottesville Catholic School, you would benefit by giving the stock directly to the school rather than selling the stock and donating the dollar amount. If you sell the stock and use the proceeds to make a donation to Charlottesville Catholic School, you will pay tax on any difference in the purchase and sale price in the stock. However, if you itemize your deductions, you can deduct the fair market value on your tax return and pay no tax on the increase in value.