The limits for deductions for donations of stock that has gone up in value and that has been held for more than one year is generally limited to 30% of your adjusted gross income, (AGI).
- For example: if your AGI was $150,000, you could deduct up to $45,000 in stock contributions in that year.
There is however, a carryover rule if your contribution exceeds the 30% limit, which means you can carry over the unused amount forward for up to five future years.
In order to take advantage of this write off, you will need to itemize your deductions on your federal tax return, using, the Form 1040, Schedule A, and your total itemized deductions will need to be higher that your standard deduction for your filing status.
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