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Tax Deduction For Your Generosity
If you have been giving money a way bit too much, its time for you to get some relief too right? your contributions can be tax deductible under IRS Form 1040, Schedule A. and it adds up to a huge chunk. But before you make the donations you must carry out a few checks. You must remember that only donations made to organizations that are recognized by tax agencies are eligible for tax deduction.
Publication 78 gives a list of organizations that are allowed for these purposes and the same is available online and in public libraries too. Donations to individuals, political organizations or political leaders cannot be claimed for tax-deductible purposes nor can you claim benefits for spending time raising money for organizations by holding raffles, bingo or any game of chance. Contributions made in the form of merchandise, goods or services qualify for tax deductions. And it is on Fair Market Value only. For example, if you are gifting stocks, then the highest and the lowest traded prices are taken and the average is assumed as FMV for the purpose.
You can also donate your car, planes or boats. Resale value at the time of donation is calculated. If the claimed value exceeds $500, then only the gross profits can be claimed. If you are donating a household or personal item then the deduction can be claimed on the amount that the item would have fetched in a garage sale or at a flea shop. All charitable contributions over $250 need a proper receipt to qualify for tax deduction. Remember, the tax year is also a crucial factor; deductions are allowed on items only in that year and no carry forwards.
So go on and keep a list of your generosity. The tax people would appreciate it. So would you. And god is watching you from the sky up above and showering you with the choicest of blessings.
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