Charitable Deductions
The most frequently asked tax questions related to Charitable Deductions
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.
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.
Rotary club dues - deductible ?
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
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 userCPA Answer:
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 userCPA Answer:
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 userCPA Answer:
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 userCPA Answer:
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 userCPA Answer:
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 userCPA Answer:
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.