How do I deduct my Donation?
- Charitable contributions
can only be deducted if you itemize deductions.
- Individuals need to file Form 1040 and Schedule A
- You cannot use the Donation to beef up Standard Deductions
- Examples of itemized Deductions Mortgage interest, Donations, and
- In order to itemize
the total of your deductions must exceed the amount of the IRS standard
Standard Deduction Amount:
- $4,850 for single or married
filing separately taxpayers
- $7,150 for heads of households
- $9,700 for married couples who file joint returns.
IRS Rules for Charitable Contributions
- To be deductible, contributions must be made to qualified
- You must subtract
the value of any product or service you are given in return for your
donation from the amount donated to get the deduction
amount. For instance if you adopt a ball for $30 you can only deduct
the donation if you do not request that the ball be sent to you after
- You must have
receipts for all deductions over $250. (It is a good idea
to get receipts for all donations.)
- For non-cash donations
more than $500 include with your tax return Form 8283
- For donations
exceeding $5,000 you need a receipt from a qualified appraiser
- Cannot Deduct more than 50% of Adjusted Gross Income
Is an organization
Publication 78 Online Search for Charitable Organizations
Or Call 1-800-829-1040
is provided at BankRate.com and
details many aspects of individual contributions. This information is
meant to get you started. For more detailed information you should consult
526 or Give.org.
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