Gifts of Stock or Appreciated Assets
Brokerage Form
Giving long-term stock or other appreciated assets offer you a tow fold tax saving. First you avoid paying any capital gains tax on the increased value of your stock. In addition, you receive a tax deduction for the full fair market value of the stock on the date of the gift. For income tax purposes the value of stock gifts may be deducted up to 30% of adjusted gross income, with an additional five year carry-over.
Example:
If you purchased stock many years ago for $2,000 and it is now worth $12,000, an outright gift of this stock to the UTI Foundation would result in a charitable deduction of $12,000. In addition, you permanently avoid paying capital gains tax on the $10,000 appreciation.
The UTI Foundation has an easy process to receive your gifts of stock via Wells Fargo Securities. Simply click on the attachment ( a brokerage delivery form), and send it to your broker with instructions on which stock and how much you wish to donate. He can handle the rest.
You will receive an acknowledgement letter from the UTI Foundation which will serve as your tax receipt. The amount of the donation will be the price the stocks sells for when it is sold by the foundation. It is the policy of the UTI Foundation to liquidate the stock on the day it is received.