Charitable Deductions
The most frequently asked tax questions related to Charitable Deductions
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Answer Tax QuestionsKiwanis club - Dues
Asked Wednesday, December 20, 2000 by an anonymous user
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.
Lions club - Dues
Asked Wednesday, December 20, 2000 by an anonymous user
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.
Rotary club dues - deductible ?
Asked Wednesday, December 20, 2000 by an anonymous user
Yes. Dues paid to trade associations, community booster clubs, chamber of commerce's like the Rotary club are deductible as an miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.
Charitable contributions - 5 year Carryforward
Asked Wednesday, December 20, 2000 by an anonymous user
Individuals who make charitable contributions to charitable organizations in excess of the deductable 50%,30%,20% AGI ceiling for the tax year may carry this excess deduction forward for a period of 5 years.
Unproductive inventory - donation
Asked Friday, November 17, 2000 by an anonymous user
You can donate unproductive inventory to a registered charity and claim a federal income tax deduction. Examples of unproductive inventory include slow sellers and nonmoving and discontinued stock.
Donated artwork - Appraiser fees
Asked Tuesday, October 24, 2000 by an anonymous user
The appraisal fees you paid to determine the fair market value of your donated artwork is not deductible as part of the contribution. The fees would be considered a miscellaneous itemized deduction reported on IRS Schedule A, subject to the 2% AGI limitation.
Is there a web site to verify a qualified organization for a charitable contribution?
Asked Tuesday, October 24, 2000 by an anonymous user
The IRS created a list of qualified tax exempt organizations for purposes of a charitable contribution deduction.
The list is included in IRS Publication 78. It can also be accessed at http://www.irs.ustreas.gov/bus_info/eo/eosearch.html
Political contributions - deductible?
Asked Tuesday, September 26, 2000 by an anonymous user
No. Contributions made to political campaigns, political action committees or lobbying committees are not deductible.
Cancer Society - charitable donation of stock
Asked Tuesday, September 26, 2000 by an anonymous user
You are allowed to claim the stocks as a charitable deduction on IRS Schedule A subject to AGI limitations the appreciated fair market value, not the cost.
The securities must be traded on a established securities market.
The securities must be traded on a established securities market.