The Friends of the Milford Museum Inc. is a 501(c)(3) nonprofit organization that relies on funding from various sources to help fulfill our mission of preserving the past for the future. This support allows the Milford Museum to continue sharing the story of Milford and her surrounding areas to thousands of visitors every year. All donations are acknowledged in the Milford Museum’s Annual Report. Ways to help support the Milford Museum are:
The Milford Museum Annual Fund
This fund helps the Milford Museum keep up its operating funds throughout the fiscal year. To make a donation to our Annual Fund, please click here
Required minimum distributions from your IRA distributions can be made directly to a charitable organization of up to $100,000 ($100,000 for each spouse on a joint return). A qualified charitable distribution counts toward satisfying a taxpayer’s required minimum distributions from a traditional IRA.
Gifts of Appreciated Property
Avoid paying capital gains tax and get a full deduction for the FMV of the property. Contributions to the museum and used for display by it would not be an unrelated use and your deduction is deductible
**Charitable contributions of property in excess of $5,000 require that you attach an appraisal to your tax return to substantiate the deduction
Regardless of the substantiation requirements, gifts of appreciated property remain a valuable tax planning tool, as they have a double tax saving advantage. You can claim a charitable contribution deduction for the full appreciated value of the property, and you can avoid the capital gains tax that you would have paid had you sold the property.
Charitable Remainder Trust
Tax benefits and estate planning advantages. Current deduction when you set up the trust, removes the property from your estate. Income for life, and the remainder goes to charity.
By will and naming the charity as a beneficiary on accounts.
There are other special charitable giving techniques beyond the usual gifts of cash. These include, among others, a bargain sale to a charity, a gift of a remainder interest in your residence and a transfer to a charity in exchange for an annuity.
**Contributions must be paid in cash or other property before the close of your tax year to be deductible