What to Do Now with Coverdell ESAs
Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are set to expire at the end of 2010 and likely will not be extended; starting in 2010, old rules will again apply. These old rules are not very favorable; you may want to take action with respect to existing Coverdell ESAs before the end of the year. More
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You can claim a charitable contribution deduction based on the value of the stock at the time of the donation, provided you itemize your deductions. Best strategy: Sell the stock and donate the proceeds. This way you get a capital loss …More
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