Thanks to the tax deduction for charitable contributions, your generosity towards others can also help you reduce your taxes. There is one potential problem, however: You must itemize to claim this tax benefit.
Contributing to a GoFundMe or other crowdfunding campaign may be considered a good deed, but is GoFundMe tax deductible? If you’ve donated to a crowdfunding effort, it’s usually considered a personal gift. But in some cases, it might not be tax deducti
the property is related to the charity's mission—old clothes donated to the Salvation Army, for example—it's usually fully deductible based on its current reasonable value. Some charities will provide guidance, but it's ultimately up to you to determine the property's worth for tax purposes...
As you can still only deduct the “fair market value” of each item, I also found thisvaluation guide from the Salvation Armyto be very handy. Finally, there are even more appraisal requirements if you donate any item valued at over $5,000 or “a group of similar items”. (Nothing in...
Further, even though the deduction for donations was unchanged, you still need to itemize to claim it, and that’s a much higher bar with the nearly doubledstandard deduction. Salvation Army bell ringer volunteers William Schmidt (L), who is on his 20th year volunteering, and his grandson ...
Thanks to the tax deduction for charitable contributions, your generosity towards others can also help you reduce your taxes. There is one potential problem, however: You must itemize to claim this tax benefit.For the vast majority of taxpayers, that hurdle means you won’t be claiming this ...