Individual Contributions

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 Real-estate taxes
  • In order to itemize the total of your deductions must exceed the amount of the IRS standard deduction.

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 organizations.
  • 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 the tournament.
  • 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 legitimate?
Visit IRS Publication 78 Online Search for Charitable Organizations
contact the IRS at 800.829.1040

This information 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 IRS Publication 526 or Give.org.

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