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Financial Planning / Tax Strategies


Subject:  MLP Gifting Date:  10/12/2012  1:34 PM
Author:  dbrin Number:  116787 of 127614

I've seen directly conflicting advice on the results of gifting MLP shares (assume a low basis after holding for a lengthy time) to charity. One says you cannot write off the full value of the units except to the extent the market price is above the original purchase price. The other says you can deduct the full value of the security the same as with any other donated security.

Related question - if you gift MLP shares to a child (assume at or under the allowed gift tax exemption - $13,000 I believe) do they receive the gift on a stepped up basis?

Anyone know the answers to these?


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