Tax Attorneys Â» Illinois Â» Decatur. Decatur, Illinois Tax Attorneys. Find the Right Lawyer Now. The government of Decatur, Illinois collects taxes from its residents in order to pay for general public services, like police and fire departments, libraries, hospitals, and public transit. In Decatur, Illinois, taxes are derived from different sources.
Can I donate stock to charity? Giving stock, instead of cash, as a donation can greatly benefit both parties. You will find that most charities, hospitals, schools and other nonprofit organizations will accept stock as a gift or donation. If the stock has increased in value from the time of purchase, the owner can avoid paying the capital gains tax by donating the security to another party.
You can donate any stock that has risen in value, as long as you have owned it for over a year, and avoid any capital gains tax. If you sold the appreciated stock for cash, you would have to pay tax on the amount of appreciation. If you donate appreciated stock, you can deduct 100% of the value on your tax return.n general, you can deduct any cash contributions you make, and you can deduct the fair-market-value of any donated property, such as clothing, household items, or vehicles. You may want to check to make sure a certain organizations is qualified to receive tax deductible donations.