Giving Odd Lots To a Good Cause

This months edition of Registered Rep Magazine has an excellent idea for year end tax planning. If you have received odd lots of stock from corporate spin offs, calculating a cost basis can be a real nightmare. The author, Kevin McKinley, suggests gifting those odd lots held more than a year to a charity. You get a deduction for the current market value of the securities if you itemize your return, you eliminate the expense of selling the shares, you eliminate the head ache of calculating the cost basis, and you can help a good cause. Everyone wins. You can read the full article here.