Taxpayers looking to maximize their charitable deductions and save on taxes can replicate a strategy Republican presidential candidate Mitt Romney uses.
By donating stock to a foundation, Romney and his wife, Ann, eliminated taxes on gains, received a deduction for the securities’ full market value and can donate the money to charities over several years, said Steven Bankler, a certified public accountant. Individuals can achieve similar results with a donor-advised fund for a “whole lot cheaper,” he said.
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