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3
votes
1answer
59 views

2014 charitable donation (via check); cashed in 2015; can I include on 2015 taxes?

I mailed a check as a donation to a charitable org on 31 Dec 2014. It was cashed on 9 Jan 2015. I intended it for 2014 taxes, but forgot to include. Since it was cashed in 2015, can I include it on ...
14
votes
1answer
2k views

Can I deduct child's charitable deduction from my taxes?

My five year old daughter negotiated $20 in back allowance (we hadn't paid her allowance in a while, and she's a better negotiator than me) and then donated that money at her school to a charity for ...
6
votes
2answers
87 views

When is it worth looking at charitable remainder trusts?

My alma mater, like many colleges and charities, offers the option for larger donations of setting up a charitable remainder trust. Basically, in exchange for your committing the donation while you're ...
3
votes
1answer
136 views

Is it really possible to save money by giving to charity?

I understand that if I'm in a 20% tax bracket, I have itemized deductions above standard, and I give $1000 to charity, that I'll pay $200 less taxes, so the gift actually cost me $800. I didn't ...
2
votes
1answer
67 views

What is the tax savings for charitable giving when you have both ordinary income and capital gains?

Say, for example, I make $300,000 in ordinary income this year and $300,000 in capital gains. If I donate $10,000 from my cash accounts to charity, does the deduction get applied to my ordinary ...
5
votes
3answers
114 views

What are the benefits of doing a “cheque exchange” when contributing services-in-kind?

Scenario: A consultant provides services-in-kind (let's say valued at $x) to a charitable organization. There are two options for how this can be accounted in a manner that creates a paper trail for ...
5
votes
1answer
90 views

Is there an IRS “use or lose” it rule on taking charitable deductions up to the 50% limit of AGI?

In 2014, I made a large cash contribution to my school. (As cash, this contribution is subject to the 50% rule on deductions, not the 30% rule.) At my expected AGI, and my expected level of other ...
2
votes
1answer
71 views

What year will my Gift Aid donations count as?

I made several Gift-Aided donations to charity on April 4th and received automated email receipts for each. However, April 4th was a Saturday and as I made the payments online, by debit card, they ...
1
vote
1answer
61 views

Optimal balence of 401K and charitable savings

I'm trying to figure out the optimal manner to donate the most money to charity. I currently donate all excess income to charity, minus the money I keep for emergencies. Donating to charity is ...
2
votes
0answers
176 views

Can my UK limited company claim tax relief on donations to foreign charities?

I'm English, and run a company that's based in the UK and registered with the UK Companies House. I want to donate some money to charity, but one of the charities I have in mind isn't based in the UK. ...
0
votes
1answer
47 views

How to do charitable donation from RRSP? Can there be a tax benefit?

Is there a way to donate to a charity straight out of an RRSP? That way I get the RRSP tax deduction benefit and at same time can also contribute to a charity.
1
vote
1answer
37 views

(US) What is the deduction for gifts of appreciated stock with restricted registration rights?

I have appreciated stock that I am allowed to give away to charitable transferees, but those transferees will have restricted registration rights for 12 months. They cannot sell the stock for 12 ...
14
votes
2answers
2k views

If I donate depreciated stock to charity, can I deduct both the market value and the capital loss?

I have stock that's depreciated in value since I bought it. Just to make up some numbers, I paid $8000 for it, and it's worth $1000 now. If I donate the stock to charity, can I take the charitable ...
15
votes
7answers
2k views

How do I discuss charitable contributions with a difficult Significant Other?

We are really not hurting financially. I would like to significantly increase our currently extremely low charitable contributions. Problem: My significant other (SO) is rather... stingy (SO has ...
1
vote
1answer
73 views

501(3)(c) to donators for trophy party

Manager on a little league team asks for donations from businesses to raise money for trophy party. We sell tickets for drawing and give away all donated prizes. Donations are products from the from ...
2
votes
1answer
38 views

Will a lump sum payout reduce charitable contribution?

By receiving a lump sum payout from an annuity, which increases my AGI, will it reduce the percentage I can claim for a charitable contribution? Any help would be appreciated. Thank you.
2
votes
1answer
308 views

How can I donate money to the Canadian federal government?

Lots of governments accept donations from members of the public. For example, I know the government of Ontario accepts donations through the Ontario Opportunities Fund. I also know that the US federal ...
15
votes
4answers
8k views

How does giving money to charity save you money on your taxes?

I regularly hear about people giving money to charity to decrease their tax burden in the US. I don't understand the math of this. If I'm being taxed at a 40% rate, then I can give $500,000 to ...
5
votes
3answers
7k views

cost basis of donated clothing?

(similar but NOT identical to How can I calculate the value of donated clothing for tax purposes? ) My wife donated several boxes full of old clothing to Goodwill, and calculated the total thrift ...