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khorshed
Level 5
June 14, 2021
Solved

Donating stocks to Church with 501 C (3) church exemption

  • June 14, 2021
  • 1 reply
  • 4 views

My client is a Church with 501C (3) exemption. An Individual offered to donate "X" stocks to the church. my understanding the church needs to open a brokerage account to transfer the stocks, correct? 

When the church receive the stocks & sell them, do we have to report the sales to the IRS? right now church is exempt from filing taxes? 

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Best answer by George4Tacks

Yes, the church would have to open an account to hold the shares and to sell them. It is possible that a paper certificate could be issued, but ....

Why is the church exempt from filing? Look at this link.

1 reply

George4Tacks
George4TacksAnswer
Level 15
June 14, 2021

Yes, the church would have to open an account to hold the shares and to sell them. It is possible that a paper certificate could be issued, but ....

Why is the church exempt from filing? Look at this link.

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