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12
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2answers
1k 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 ...
12
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6answers
1k 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
60 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
34 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
164 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 ...
12
votes
4answers
4k 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 ...
4
votes
3answers
2k 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 ...