Questions tagged [charitable-contributions]

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Colorado income tax voluntary contributions: how do you get a receipt?

When filing a Colorado individual income tax return, one has the option to donate some or all of your refund to a charitable fund chosen from a list: Form DR 0104CH. (It is also possible to write in ...
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0 votes
1 answer
76 views

How do I deduct this donation that I made to change.org?

I just donated $100 to a cause through the Change.org website. And I will continue to donate before this year ends. How do I put that on my tax returns so that it can be deducted from my taxable ...
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2 votes
4 answers
250 views

Would allowing my company to pay me less in order to donate that money to charity lead to net increase in charitable donations?

To give context for this question I first need to explain that I am lucky enough to make very good salary, and also live like I'm on minimum wage, which allows me to donate a pretty decent percentage ...
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5 votes
2 answers
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What is the advantage of making charitable contributions (CCs) from one's IRA over just writing checks?

From time to time, I see an enthusiastic tip about how neat it is to make one's charitable contributions from one's IRA, in lieu of taking all or a part of one's RMD. I don't see the point. The ...
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2 votes
2 answers
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Is the donation of billable or paid time of a contractor or employee tax-deductible?

In California, USA, for federal and state taxes, are services performed by a paid employee or contractor (who receives compensation for that time from the company as regular/overtime wages/salary or ...
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IRS Form 8283 when donation is to a split-interest trust

We established a CRUT and donated $100,000 of privately-held securities, with the value determined by a qualified appraiser. Because the CRUT is a split-interest trust, I calculated the applicable tax ...
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0 votes
4 answers
170 views

Considering investing money intended for charitable donations in buying a rental property. Can I realistically make the rental a non profit?

So I currently have a large amount of money 'allocated' to charitable donations. It will include two inheritance and probably be around $200,000. In fact it's more then my annual income (around $145,...
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2 votes
1 answer
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Can charitable donations offset W-2 income taxation?

This is a bit specific for my situation but I thought giving some context could clarify what I'm trying to achieve. I live in the United States. I've always dreamt of funding my own non-profit (501c3) ...
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5 votes
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For 2021, What is the most Tax-Advantageous Way to Make a Charitable Donation that is Larger than my AGI?

I may be making a charitable donation this year (2021) to my school; it will be about 1.5 times my AGI. What is the most tax-advantageous way to make this donation? If I make the donation in stock ...
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1 vote
0 answers
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Is there any more efficent way to donate my inherritance from a trust directly to a non profit in the USA?

My grandfather passed away a little while back and apparently I'm one of the people he had listed as a beneficiary in his will. I'm due to inherit a small chunk of change, but I always donate my ...
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1 vote
1 answer
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Can I fund my non profit from my income for tax credits?

Can I get tax credits or any benefits of transferring my income to non profit 501(c)(3) for social causes? The problem is I'm not getting any funds from outside sources at the moment so I have to ...
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1 vote
3 answers
229 views

Could a sizeable charitable contribution bump me into a lower income tax bracket?

As an unmarried individual in the US, if already donating a significant portion of one's income to charity, is it possible to to be 'bumped' into a lower tax bracket? For example, say I make $60k and ...
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2 votes
4 answers
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How do tax payers have to pay for the tax deductions someone else receives due to a charitable donation?

"A $1,000 donation from a donor in the highest tax bracket costs that donor only $604. The federal government kicks in the remaining $396 in the form of a reduction in taxes", writes Ray D. ...
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3 votes
2 answers
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If I donate something to charity can I claim tax back based the price in £ I originally paid for it?

Or can I only get back what the charity can sell it for? What if they use it rather than sell it ie donating old furniture to a shelter or an old TV assuming I still have the receipt or even bigger ...
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1 vote
1 answer
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How to legally make GoFundMe donations tax deductible?

I give a lot of money on GoFundMe every year to strangers (or online acquaintances/friends). I already exceed the standard deduction from other things, but it would also be nice to itemize these "...
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0 votes
1 answer
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Easy way to donate a few dollars to charity, manually, every day? [closed]

(I hope this is not off-topic, and apologies if it is) I'm looking for an easy way to donate a few dollars to charity every day (possibly different amounts, depending on the day). Requirements: I ...
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Tips on frugal approaches to donating to charities for averagely well-off

The title says it all really, but to get the discussion going let's imagine the following simplified reality: Suppose John is 25 years old, lives in the UK, has a very secure job with a take-home ...
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1 vote
2 answers
483 views

Can I use both donations and purchases at a charity shop as a tax deduction?

Certain charities operate retail stores which take donations of goods (i.e., used clothes) and also sell merchandise to the public. Let's say I donate $100 of items to such a charity. At some other ...
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5 votes
2 answers
130 views

Tax treatment when selling stock and donating to charity

I sold stock worth $100k (of which ~$40k was long term capital gains) with the intent to donate this entire amount to charity. I later realized that one can — with some effort — donate appreciated ...
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7 votes
1 answer
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Can I deduct donations in full that no Gift Aid was claimed on

If I make a donation to a registered charity but they do not claim Gift Aid for it, can I deduct the full donation amount from my UK taxes? Background: I do not like the 3% fees that are incurred by ...
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1 vote
7 answers
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How best to invest high income if looking to eventually maximize charitable donations?

I live in the US (Maryland) and make over 140,000 a year (is it bad that after I hit 6 figures I stopped paying attention to exact salary and so can't recall more accurately then that?). I'm lucky ...
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3 votes
0 answers
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Is there a way to transfer a cultural donation tax receipt? (Canada)

Canada specific question. My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
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2 votes
1 answer
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Are charitable donations different when running a side business(self employed)

I have a regular job, but I also earn 20-30k on the side through side projects(1099 work). Given that I am running a business is there any difference in how I can deduct charitable donations versus ...
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6 votes
1 answer
1k views

Is supporting a charity through specialty license plates tax-deductible?

In Massachusetts, one can get a license plate which supports particular charitable organizations. At renewal (every two years), these cost an additional $40 in registration fees, all of which gets ...
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6 votes
2 answers
350 views

Using the gift exception to get more money to charity

Like most middle class families after the 2018 tax code changes, even with a mortgage I'm very far from being able to itemize. Looking at how to optimally give to charity, it seems like a shame to not ...
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1 vote
5 answers
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Are cash contributions to my church tax deductible?

Last year I contributed to the offering in church every week. I have few questions regarding this. I am not that rich, so I contribute whatever cash I have in my wallet. Can I enter this amount on my ...
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2 votes
1 answer
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Calculated 30% return from opening 0% promo credit cards for charitable contributions, is this right?

TL;DR Just how good is doubling up itemized contributions in 2018, using that to meet minimum spend for credit card bonuses, and taking the standard deduction in 2019? With the US tax code changes in ...
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1 vote
1 answer
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If a church does not ask for 501(c)3 exemption, are charitable contributions to it tax exempt?

In the United States, most churches file for 501(c)3 tax exemption. Some churches choose not to, sometimes as a matter of belief that they should not be "licensed" in any way by a government. It is ...
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3 votes
1 answer
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Tax deduction for donating to international charity

If one sponsors a child from an impoverished country through a charity like Save the Children international, can this contribution still be considered tax deductible in Australia?
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37 votes
4 answers
5k views

Deducting charitable donations under new U.S. tax law

I usually donate about $20k to charities every year, and I don't have many other deductions to claim. Given that the new tax law doubles the standard deduction to $24k, I effectively don't get tax ...
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3 votes
3 answers
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Can donations to Canadian charities be claimed on US taxes?

This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes". My question is, if someone ...
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1 vote
1 answer
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Are dual US-Canadian citizens in Canada required to pay US taxes on their donations to Canadian charities?

Suppose Gordon is a Canadian citizen resident who is also a US citizen. Gordon earns $1,000,000 a year in net income from his Canadian executive job. He pays an overall rate of 40% in taxes. Gordon ...
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8 votes
1 answer
1k views

Can I deduct a donation of a car I received as a gift?

In 2006 my parents bought me a used car. In 2017 I donated the car to charity and they report it sold for $575. Can I deduct that $575 from my taxes given that I did not personally pay for the car in ...
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4 votes
1 answer
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Ethereum donation appraisal?

I donated some Ethereum to a Fidelity donor-advised fund this year. The amount was worth over $5k, which I believe means it falls under the IRS's appraisal requirement. How can I find a "qualified" ...
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5 votes
3 answers
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How to claim gift aid for funding a local park

Our parish in England is fundraising to support improvements for the local park. As the park is owned by the council, and they are not a charity, there is no gift aid. However; Clearly this is very ...
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9 votes
1 answer
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Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, ...
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2 votes
0 answers
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I have a charitable carryforward from 2011: Can I file in October 2017 (extension) and still take it?

In 2011, I made a large charitable contribution to my school. Some is still left over, despite my having taken the maximum allowable charitable deduction each year. I know that I cannot carryforward ...
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11 votes
2 answers
1k views

It's New Years Eve in my time zone, but New Years Day in the time zone of the charity I donated to. Which year's taxes do I record my contribution?

I decided to make a last minute donation to a charity I care about. At the time of the transaction, it was 31 December 2016 in my time zone. But the charity I donated to is headquartered (and does all ...
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5 votes
2 answers
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How much percent will Wikipedia receive from small donations done via paypal?

Currently Wikipedia is doing a capital campaign in Germany asking for money. I wondered if I should donate via direct debit or paypal and wondered how much percent will Wikipedia (or other non profit ...
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1 vote
1 answer
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Charitable donations cost vs value and personal vs schedule c

I have a couple of questions regarding the charitable donation of a high priced item. Does the basis have to include what was paid for the item? For example, say you purchased an item two years ago ...
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0 votes
1 answer
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Is A Company Abusing The Tax Code When It Does This, And How Does The IRS Prevent It? [closed]

When answering, please cite specifics. Which section of the tax code deals with this abuse? What cases have been prosecuted? This SO answer describes an abusive tax scheme involving non-cash assets ...
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4 votes
2 answers
5k views

Why do so many NFL (pro football) players have charities?

Besides fulfilling their desire to do good works in their communities and giving being an essential part of being wealthy for many, are there more tangible benefits for NFL players (and professional ...
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5 votes
2 answers
322 views

Can an S-Corp write off work and merchandise expenses donated to a non-profit organization?

We are renting a commercial building from a non-profit. Can our company (s-corp) buy things and have someone on our payroll do things for the non-profit? Not asking for a donation receipt. Just ...
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22 votes
4 answers
4k views

Is it possible to give to charities anonymously?

Several years ago, I gave a small donation of $20 to a charity. Every few months, I've received mailings from them with news about the work they are doing and an encouragement to give more. I've never ...
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3 votes
1 answer
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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 ...
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15 votes
2 answers
3k 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 ...
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5 votes
2 answers
184 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 ...
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5 votes
1 answer
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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 ...
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2 votes
1 answer
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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 ...
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5 votes
3 answers
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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 ...
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