There are many ways to make contributions to shelter
To the editor:
As we are approaching the close of 2019 and the time of the year when many people make charitable donations, the Community Humane Shelter of Steuben County board members are often asked by community supporters, “In what ways can I give towards our animals that are waiting for their forever homes?”
The first and obvious answer is a cash contribution. But maybe not so obvious is to consider a gift of an APPRECIATED security instead of cash. Many of us have stocks, bonds or mutual funds that have appreciated nicely over the years and you may not want to liquidate them and then pay the capital gains on them. By transferring them directly over “in kind” to the Shelter, it will avoid any capital gains tax.
The opposite is true if you have a security that has DEPRECIATED in value. In that case, it would be best to sell the security and then donate the proceeds to the Shelter so that you can take advantage of the loss. The Shelter would be unable to recognize the loss if donated.
Another option would be to gift your Required Minimum Distribution from your IRA if you don’t need the money for living expenses. The benefit to you is that it is non-taxable to you for up to $100,000 donated. This contribution would need to leave your IRA and go directly to the Shelter.
As you can see, there are numerous options and benefits when looking to give. You should always consult with your tax advisor or estate planning attorney to determine which option would be best for your situation.
I know the Shelter board feels really blessed that we belong to a community that really cares about our animals and their needs. Please reach out to us with any questions you may have or specific information you would need to make a contribution at 833-2877 or shelter@steubencounty humanesociety,org.
Community Humane Shelter of Steuben County