Giving Tuesday: The tax benefits of donating stock to charity

After Cyber Monday's retail sales extravaganza comes Giving Tuesday, a global day of charitable giving and volunteering that takes place on the Tuesday after Thanksgiving. Last year, Americans donated $3.1 billion on the day, according to GivingTuesday. Bank of America Private Bank National Philanthropic Strategy Executive of Philanthropic Solutions Dianne Chipps Bailey joins Wealth to talk about the benefits of donating to nonprofit organizations, including donation strategies such as even donating stock. "The great thing about these long-term appreciated securities are the tax benefits. Certainly avoiding the capital gains tax that would be paid if you sold the securities and then donated the cash," Bailey tells Brad Smith. "And of course, the deduction that you get to take if you itemize your return at the end of the year. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Luke Carberry Mogan.