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Ed donated stock with a fair market value of $13,800 to a qualified public charitable organization...

Ed donated stock with a fair market value of $13,800 to a qualified public charitable organization on June 8, 2019. He purchased the stock nine years earlier for $10,500. Ed’s 2019 AGI is $24,000. What amount may Ed deduct as a charitable contribution in 2019? (Ed does not make the reduced deduction election.)

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Answer #1

Deductible Charitable Contributions:

A deductible charitable contribution is a donation or gift made to a qualified organization. The donation must be made voluntarily and with no expectation of any substantial reward or benefit. Generally, 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 also claim a deduction for the contribution of stocks.

Ed can deduct the fair-market-value of stock $13,800

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