The gifts of mutual fund shares, marketable stocks or bonds have a two-fold advantage: providing an immediate gift for the Library while creating a significant income tax deduction for you. Investment gifts that have increased in value through appreciation allow you to eliminate capital gains tax.
Assistance from the Fund Development Committee and the Library Director can help you understand the benefits to you of a gift of appreciated securities, such as stocks and real estate. Work with us and you’ll discover just how simple and beneficial the process can be.
If you itemize deductions on your federal tax return, an outright gift of appreciated property held more than 12 months can be claimed as a charitable contribution up to an amount equal to 30% of your adjusted gross income. Any deduction not in the first year can be carried forward for up to five additional years or until it is completely used, whichever is first.
Benefits of giving securities held more than one year:
- Immediate benefit to the Lucy Robbins Welles Library to fulfill its mission
- Additional tax savings
- Charitable income tax deduction for current market value
- Avoid capital gains tax
Shares may be electronically transferred to the Lucy Robbins Welles Library. The value of each gift for tax purposes is determined by taking the means of the high and low trading values of the shares on the day they are received in the Lucy Robbins Welles Library account multiplied by the number of shares donated. Please contact the Library Director for specific account transfer details.
We will need your name and broker’s contact information to begin the transfer. In order for any gift to be properly recorded, please also share this information with the Library Director at 860-665-8724.