tag:blogger.com,1999:blog-3127964892896786744.post8633894030890149312..comments2010-04-23T14:26:36.697-07:00Comments on Unravel Every Riddle: Payment in KindDTRhttp://www.blogger.com/profile/18414851667887352410noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-3127964892896786744.post-86456360806126801902010-04-23T14:26:36.697-07:002010-04-23T14:26:36.697-07:00Cathy--
In my case, I held the stock in an eTrade...Cathy--<br /><br />In my case, I held the stock in an eTrade account. The Church actually has its own eTrade account too, so I was able to donate the stock simply by filling out eTrade's form, and didn't have to pay a fee. I emailed the <a href="mailto:donationsinkind@ldschurch.org" rel="nofollow">Payment-in-Kind office</a> at Church headquarters and got a very helpful email back that walked me through the steps. <br /><br />At the same time you submit the form to eTrade, you are supposed to send an email or fax to the Payment-in-Kind office stating your name, ward and stake, stock donated, and desired allocation (in my case 100% tithing, but you could allocate to any of the categories on a tithing slip). You then receive a receipt in the mail from SLC. Nothing comes through your local ward, which is not even notified of your donation.<br /><br />When you itemize your deductions, you will have to file Form 8283 if the value of the stock was over $500.<br /><br />HW--<br /><br />If your stock has gone down in value, but you still want to clear it out to make a donation, the sensible thing to do is to sell the stock, and then donate the cash proceeds. You can then itemize your donation, as well as reduce your income by the capital loss.DTRhttps://www.blogger.com/profile/18414851667887352410noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-47026173040936433832010-04-23T09:00:55.817-07:002010-04-23T09:00:55.817-07:00I really appreciated this article. I have been wa...I really appreciated this article. I have been wanting to do this for some time. How do you actually 'donate' stock? Are you using an online service that provides that function (e.g. etrade). How do you actually submit that with a tithing receipt? <br /><br />Thanks for the good info!Cathyhttps://www.blogger.com/profile/07820918788363015171noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-77875110379491936332010-03-02T15:01:50.993-08:002010-03-02T15:01:50.993-08:00Hey, just wanted to let you know that I've che...Hey, just wanted to let you know that I've checked this post several times because I like to read the responses. No comments from me--I'm letting the rest of you educate me on this one.<br />Love,<br />BugMelindahttps://www.blogger.com/profile/18198879093143894022noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-7943938855225763132010-03-02T14:05:36.171-08:002010-03-02T14:05:36.171-08:00Love your posts - they always make me thing.
Fort...Love your posts - they always make me thing.<br /><br />Fortunately (or not) I have no money to invest, so I don't have to think too hard about this one. :-)LLhttps://www.blogger.com/profile/00879096214136115692noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-6869022509646559362010-03-01T15:29:44.394-08:002010-03-01T15:29:44.394-08:00I am so glad you wrote about this, Dan. You expla...I am so glad you wrote about this, Dan. You explained it well. I can see both your side and Michelle's. Although we've never paid taxes in stock, it seems to be a very good option--especially when your stock has gone up. (What is that like, I wonder?) If, on the other hand, you haven't paid tithing all year and find yourself with a capital loss on your stocks, do you deduct that loss from your income and hope you have enough in savings to write a check for the reduced income you've had for the year? I guess you are only supposed to pay tithing on your increase, but it seems a little sticky to me.<br /><br />In a separate issue, do you pay tithing on the money you put into an IRA (and any increase it earns) or the money you get out of it when you start making withdrawls? Does it matter?HWhttps://www.blogger.com/profile/04136385975423567553noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-38148014377801851572010-02-18T11:06:51.741-08:002010-02-18T11:06:51.741-08:00HI, I READ YOUR POST TODAY. ENJOYED IT. NOTHINGS...HI, I READ YOUR POST TODAY. ENJOYED IT. NOTHINGS OF INTEREST TO SAY. LOVE YOU.Anhttps://www.blogger.com/profile/10148096543228257616noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-30544644223190362992010-02-10T14:46:47.089-08:002010-02-10T14:46:47.089-08:00Michelle, those are interesting points, and I'...Michelle, those are interesting points, and I'm glad you raised them. I hadn't thought about the question of what it is you're actually sacrificing in the hypothetical scenario. Is it the $1,000 you initially invested? Or is it the $11,000 you could put in your pocket if you sold the shares today? From an economic standpoint, the "opportunity cost" of donating the shares certainly includes the increase in value, but it's true that you never realized the gain. On the other hand, to return to an agrarian analogy, if you paid your tithing in sugar beets, I think you wouldn't go by the price you paid for the beet seeds, but rather by the market value of the mature beets. Can any beet farmers out there weigh in on this question?<br /><br />Your other point raises an issue that goes beyond just the question of donation frequency (as you noted, you could donate stock on whatever periodic interval you generally use for paying by check). In fact, maybe there's some value in paying tithing the same way you pay your other bills, like your mortgage or utility bill. By treating tithing, which is purely voluntary, the same as your contractual obligations, which carry penalties for non-payment (e.g., foreclosure, shutoff), perhaps you are cultivating a mindset in which faith becomes a motivating power as strong as those existential concerns? I'll have to think about this one some more.DTRhttps://www.blogger.com/profile/18414851667887352410noreply@blogger.comtag:blogger.com,1999:blog-3127964892896786744.post-85917461727916426902010-02-10T13:45:19.072-08:002010-02-10T13:45:19.072-08:00When I first read about this a year ago, my initia...When I first read about this a year ago, my initial problem with it was that it seems like you are only paying $1,000 to the church for tithing, since that's all you put in (my objection being that tithing should cost you something to be a good test of faith, not that the church doesn't receive what it should). But, of course the stock is worth $10,000 to you when you give it to the church. I suppose if I don't have a problem with itemizing my tithing in the first place, which decreases my tax liability, I shouldn't (and don't) have a problem with paying tithing this way. Yet we still pay our tithing the old fashioned way, once a month by check. This may sound strange, but although it may cost us more in taxes, I value being able to express my willingness to pay tithing and test my faith by paying tithing twelve times a year. (Not that you couldn't donate stocks twelve times a year, but I would probably just do it once.)Michellehttps://www.blogger.com/profile/07213753945535336627noreply@blogger.com