How does it work?
Say you bought 100 shares of a company when the stock was trading at
$10 and those shares are now worth $50 each. If you donate the shares,
you get to deduct $5,000 from your taxes, even though you
only paid $1,000 for them.
Did you know that a Donation of Stock can count for more?
Donating shares of appreciated stock to Urban Pathways may help you save
money on your taxes and help us to fulfill our mission of responding to the
problems of mentally ill, homeless individuals through a continuum of care.
You deduct the current fair market values of the shares on your taxes, not the price you originally paid for them.
You avoid ever having to pay taxes on capital gains on the donated shares in the future.
Essentially, you are donating with a monetary gain that you never realized and thus will never pay taxes on.
In order to receive the full deduction you will need:
to donate only long-term holdings, which the IRS defines as being held for 12 months or longer,
the tax receipt Urban Pathways sends you upon receiving the donation, and
a dated letter from your broker spelling out how many shares were donated to us.
And Finally . . .
In order to realize the greatest possible tax savings, if you acquired a block of shares over time at different prices, be sure to donate the ones that you acquired at the lowest cost. Those shares contain the biggest amount of locked-in capital gain that you can avoid getting taxed on.
To donate a stock gift, please contact: Nancy Olecki
OFFICE PHONE 212.736.7385 ext. 215
CELL PHONE 212.389.9506
Donate your appreciated stock today and help Urban Pathways provide homeless men and women with the services they need to achieve stability and a better quality of life!