Get the free Gift of Stock Procedures with Client Election Form Attached- AAEF

Fund Evaluation Group 205 West Fourth Street, Suite 810 Cincinnati, OH 45202 Phone: 5139774400 Fax: 5138062217 (for the OHIO Client Service Team) The attached form is to be used to coordinate the

How to fill out gift of stock procedures

How to fill out gift of stock procedures

1. Gather all the necessary documents and information, including the stock certificate or stock statement, the donor's name and contact information, the recipient's name and contact information, and any relevant identification numbers or account information.
2. Determine the value of the stock by checking the stock market or consulting a financial advisor.
3. Contact the recipient organization or the institution where the stock is held to obtain the necessary instructions and forms for transferring the stock.
4. Fill out the stock transfer form provided by the organization or institution. Provide all the required information, including the detailed description of the stock being transferred, the number of shares, and the stock certificate number if applicable.
5. Sign and date the stock transfer form. Some forms may require additional signatures, such as a signature from a medallion signature guarantee program participant.
6. Send the completed stock transfer form along with the stock certificate or statement to the recipient organization or institution. Ensure that the package is securely and properly labeled.
7. Follow up with the recipient organization or institution to confirm the successful transfer of the stock and obtain any necessary tax receipts or acknowledgments.
8. Consult with a tax professional to understand the tax implications and potential advantages of gifting stock, as well as to ensure compliance with tax laws and regulations.

Who needs gift of stock procedures?

1. Anyone who wishes to make a charitable donation using stocks or shares can benefit from understanding and following the gift of stock procedures.
2. Individuals who hold appreciating stocks or shares and want to support a charitable organization or cause can use these procedures to efficiently transfer their assets.
3. Nonprofit organizations and institutions that accept stock donations can also benefit from providing clear instructions and guidance to potential donors, streamlining the process for both parties involved.

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What is gift of stock procedures?

Gift of stock procedures refer to the steps and documentation required when transferring ownership of stock shares as a gift. This typically involves filing specific forms with the IRS and may include valuations of the gifted shares.

Who is required to file gift of stock procedures?

Anyone who gifts stock shares valued over the annual gift tax exclusion limit is required to file gift of stock procedures. This includes individuals who provide gifts to family members, friends, or organizations.

How to fill out gift of stock procedures?

To fill out gift of stock procedures, complete IRS Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return). Ensure to include the value of the gifted stocks, donor and recipient information, and any prior gifts made that may affect the annual exclusion.

What is the purpose of gift of stock procedures?

The purpose of gift of stock procedures is to ensure proper reporting and compliance with tax laws regarding the transfer of assets without payment. This helps the IRS track potential gift tax liabilities and maintain tax equity.

What information must be reported on gift of stock procedures?

Information that must be reported includes the gift's fair market value, the identities of the donor and recipient, the date of the gift, and any previous gifts made by the donor that year or in prior years.