Charitable Deductions
The most frequently asked tax questions related to Charitable Deductions
How much am I allowed to claim as a charitible cash deduction?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
The answer is, how much did you contribute and how much can you substantiate.
For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
A written acknowledgement from the charity documenting the contribution's amount and date is also acceptable
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.
For contributions of $250 or less, a cancelled check or credit card statement is sufficient.
A written acknowledgement from the charity documenting the contribution's amount and date is also acceptable
For contributions of $250 or more, you must have written substantiation from the organization. A cancelled check is not sufficient.
How much of a deduction can I take for my donated goods?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
There are valuation guides available to the public to calculate an amount for noncash contributions.
You can go to the Salvation Army website to view their Donated Goods Valuation Guide at www.salvationarmyusa.org
You can go to the Salvation Army website to view their Donated Goods Valuation Guide at www.salvationarmyusa.org
What are the IRS Publications detailed Charitable Contribution?
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
IRS Publication 526 and 561.
Charitable Organizations - Selective Recipient listing
Asked Thursday, February 23, 2012 by an anonymous userCPA Answer:
A partial list of acknowledged Registered organizations
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.
Churches, temples, synagogues, mosques and other religious organizations.
Public charities such as United Way, Salvation Army, Goodwill Industries, Red Cross, Boys and Girl scouts, Boys and Girl Clubs of America, CARE etc.
War veterans' groups
Nonprofit volunteer fire companies, hospitals and schools.
Public Parks and recreation facilities.
Fair rental value of office used by Red Cross
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
You may not deduct the rental value of property you allow a charity to use without charge.
Blood donation to the Red Cross - deductible ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
No. Blood donation to the red cross or hospital or other blood banks is not tax deductible.
U.S. Savings bonds - donation
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
U.S. savings bonds are nonnegotiable and are not transferrable. You may not donate U.S. savings bonds. You can cash the bonds in and then donate the proceeds or turn the bonds in and have them reissued in the donee's name.
Lions club - Dues
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Dues paid to trade associations, community booster clubs, chamber of commerce's like the Lions club are deductible as an miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.
Kiwanis club - Dues
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Dues paid to trade associations, community booster clubs, chamber of commerce's like the Kiwanis club are deductible as an miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.