Giving Stock and IRA Funds

With the stock market near all-time highs, donors may have more opportunities to support the White Plains Library Foundation. A gift of appreciated stock (held for more than a year) is considered a charitable deduction for the full market value of the securities on the date of the donation, and there’s no capital gains tax on the appreciation. If you own stock and are planning to make a charitable donation, gifts of securities can be more cost-effective than cash contributions.

In addition, if you’re thinking about taking the Required Minimum Distribution (RMD) from an IRA, consider a donation to the Foundation. IRA owners age 70 ½ or older can transfer up to $100,000 to a charity and the amount of the donation will be excluded from calculations of adjusted gross income (AGI). Reducing your AGI can translate into increased benefits from Medicare and other government programs. To qualify, IRA funds must be transferred directly from your IRA administrator to the charity.

The new tax law may have implications for your charitable giving, so please check with an advisor to confirm what’s best for you. Thank you for thinking of the Library! For instructions on making a transfer of stock or IRA funds to the White Plains Library Foundation, please call us 914-422-1495.


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