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What are the rules for deducting charitable donations?
Answered by verified global tax professionalsDisclaimer: Opinions are from external tax professionals and should not be considered as Microsoft’s opinion or a substitute for professional help. Consult a tax professional for advice.
- Here are some rules to keep in mind when making charitable donations12:
- Request a receipt if you donate $250 or more to a single charity.
- Get an independent, written appraisal for gifts of property in excess of $5,000 ($10,000 for closely held stock).
- Subtract the value of any benefits you received for your charitable donation (for example books, tapes, meals, entertainment, and so on) before you deduct it.
- Charitable contributions must be made to qualified organizations to be deductible.
- You cannot deduct donations of time, even if it is in your area of business or expertise.
- Only “True” Donations are Deductible.
- Provide and Keep Records.
- Current Year Deductions Only.
- Credit Card Donations.
- Written Acknowledgment Required.
Learn more:âś•This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.That said, here are a few ground rules:
- Request a receipt if you donate $250 or more to a single charity. ...
- Get an independent, written appraisal for gifts of property in excess of $5,000 ($10,000 for closely held stock). ...
www.schwab.com/learn/story/charitable-donations …Top 10 Rules for Charitable Donations and Deductions
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