News

Help Us Wisely - Donate Stock or IRA

February 27, 2018

Have you been thinking about donating to Treasure Island Museum, but are not sure you'll be able to deduct it under the new tax law?

 

Are you nervous about the stock market, but don't want to pay the capital gains tax on selling your appreciated stock?

 

You can lower your tax two ways by a tax wise gift of appreciated stock or, if you're over 70 1/2, a required IRA distribution:

  1. Take an itemized deduction for the value of your stock donation, and also

  2. Reduce your taxable income, whether or not you itemize.

If you donate stock to the Treasure Island Museum, you can take an itemized deduction for its full value, as long as you've held it for over a year. 

And you pay no capital gains tax.  If the stock has gone up a lot, the tax savings can be dramatic compared to making a cash donation.

 

This works for large and small donations - even just one share of stock.  And donating stock is easy. Your broker can do it electronically, usually for little or no fee. Download a donation form here.

 

If you are over 70 1/2 and must take a taxable Required Minimum IRA Distribution, (RMD), you can avoid paying income tax on it by donating it directly to the museum. 

 

Whether or not you itemize under the new tax law, you still get a tax benefit from your donation of either appreciated stock or an RMD by reducing your taxable income.

 

Check this out by consulting your tax advisor, or Googling "donating appreciated stock" or "donating RMD.

 

 

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