Support

Gifts of Cash

A cash donation is one of the easiest ways to make a charitable contribution. Gifts of cash are eligible for an income tax deduction of up to 50% of your adjusted gross income. Any cash donation above the 50% of adjusted gross income limitation can be deducted on your income tax return up to five years after the gift.

Gifts of Securities

Gifts of stock, especially appreciated stock, or other securities such as bonds can help maximize your philanthropic giving while providing substantial tax benefits. First, you receive an income tax deduction equal to the full fair market value of the stock on the date of the gift. In addition, you’ll pay no capital gains tax when the Museum sells the stock. Therefore, the full value of the gift supports the Museum’s efforts.

Gifts of Real Estate

Gifts of real estate can include homes, condominiums, apartments, undeveloped land, farmland, and rental property. A gift of this kind can alleviate capital gains taxes, income taxes, and broker fees as well as management costs and responsibilities, while LRMA can receive income or generate capital from your gift.

Gifts of Art

Most gifts of art qualify for an income tax deduction based on their fair market value on the date of the gift. In order to qualify, you must have owned the work of art for at least one year. The income tax deduction for gifts of art are subject to the 30% of adjusted gross income limitation. If there is an excess deduction remaining, the excess may be deducted on your tax return up to five years after the year of the gift. If you leave a work of art to the Museum upon your death, your executor may deduct the value of the artwork from your taxable estate.