Investments in securities such as stocks, mutual funds, and bonds are an excellent choice for tax-deductible charitable gifts. By donating long-term securities that have appreciated in value directly to the Cranston Public Library Association, you may be able to maximize the amount of your gift and tax deduction as opposed to donating cash.
When you donate stock directly to a charity, the tax deduction is the market value of the security. This allows you to take a tax deduction for the full fair market value. Alternatively, if you chose to sell stock or a mutual fund and then donate the cash proceeds from the sale of those securities, you are required to pay capital gains tax (0-25% Federal and state depending upon your income level) and the amount of your donation is reduced by the amount of long-term capital gains tax you are required to pay.
Donating long-term appreciated securities can maximize your donation!
Your investment advisor can assist you in making a gift of stocks, bonds or mutual funds or other securities via a direct transfer to the Cranston Public Library Association. For more information, please contact Edward Garcia at firstname.lastname@example.org (opens an email) or 401-943-9080 ext. 100