What is deductible as a charitable contribution and how much of a deduction can I take?
A taxpayer must itemize deductions, file Form 1040 and Schedule A to deduct charitable contributions for income tax purposes. IRS Publication 78 provides a comprehensive list of organizations that qualify to receive charitable contributions that are deductible for income tax purposes. When a taxpayer makes a contribution to a charitable organization, the organization should also be able to communicate to the taxpayer whether a contribution to the organization is deductible for income tax purposes.
Related Questions
- What is the effect on the charitable contribution deduction if a taxpayer made a disclaimer, or a partial disclaimer, of his or her required final annuity distribution from a CRT?
- Does a taxpayer who participates in the settlement initiative lose the charitable contribution deduction received for funding a CRT?
- What is deductible as a charitable contribution and how much of a deduction can I take?
