Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. The Internal Revenue Service (IRS) requires you to calculate your tax deduction in one of two ways, depending on how the charity uses your donation: De...
t pay taxes on the money when the money was paid in. But account holders aged 70½ or older who make a contribution directly from atraditional IRA to a qualified charitycan donate up to $100,000 without it being considered a taxable distribution. The deduction effectively lowers the donor...
MATT GLYNN
Fair market value is not determined by the charity you’re donating to. Regardless of the scenario, the Internal Revenue Service (IRS) requires the amount of your deduction to be supported by documentation that notes the date of donation and the charity, as well as other information. If the...