Charitable Donations

You can only claim your charitable donations if you are itemizing your deductions. However, your organization must qualify for a tax deduction. To find out if it qualifies, use the IRS tool by clicking here.

That being said, you must keep a record of cash, check or other monetary gift contributions. For example, you will need a bank statement, or letter of acknowledgement. This includes the description of the donation, the amount, and the date of contribution once the contribution exceeds $250. If you donate a property, you can deduct the fair market value of the property.

On the other hand, if your charitable donations goes over $500, fill out Form 8283, Noncash Charitable Contributions to include this in your return.

This entry was posted on Monday, November 16th, 2020 at 4:10 pm and is filed under Deductions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.