Stock and Securities Donations
Many Citymeals donors make gifts using appreciated stocks and mutual funds because of the tax advantages. The benefits of making a contribution of securities may include:
- Making a larger gift at a lower original cost to you
- Avoiding federal and state tax on the capital gain
- Receiving an income tax deduction (federal and most states) for the full market value of your gift if you itemize deductions on your tax return and have held the assets one year or longer
We encourage you to consult your financial planner or tax advisor who can assist you in evaluating the tax advantages available to you when making a donation of appreciated securities.
- You must itemize your tax return in order to deduct any charitable donation.
- You must have owned the securities for at least one year before donating them, or you will be limited to a deduction of your original purchase cost of the securities.
You may take a deduction valued up to 30% of your Adjusted Gross Income. If the deduction is greater than 30%, you may carry an unused deduction forward for up to five years into the future until it has been fully used.
instructions for donating stock & securities
If the stock is held by a brokerage firm, your broker should be instructed to make any transfer with the following information:
Morgan Stanley Smith Barney
Account of: Citymeals-on-Wheels
Attention: Leigh Moglia, 212-893-6477
We ask that you copy us on transfer instructions or a “gift letter,” to the attention of Bob Chapman so that we may confirm that your instructions have been completed. The “gift letter” can also be emailed to Bob@citymeals.org.
planned gifts of stock & securities
Through thoughtful planned giving you can bequeath gifts of stocks and securities to Citymeals and create a legacy of caring for our elderly neighbors.
Take a moment to learn more about planned giving. Or feel free to call Bob Chapman, CFO, at 212-687-1234.