Questions tagged [charitable-contributions]

The tag has no usage guidance.

Filter by
Sorted by
Tagged with
1 vote
1 answer
120 views

Lotto ticket gift to tax free charitable trust

I would like to establish a tax free charitable trust to which I would donate a winning lottery ticket. I would control which charities get the proceeds but receive NO money myself. Would I (Or ...
JefeGordo's user avatar
7 votes
2 answers
2k views

Can a community charitable organization collect donations on behalf of a specific person?

A member of my community passed away and I want to arrange a small crowdfunding page for his widow to help her with immediate expenses until the life insurance and paperwork gets done. To encourage ...
lgshost's user avatar
  • 73
1 vote
1 answer
107 views

Why do charitable donations of ESPP shares need to first be held long term for US tax purposes?

I often see advice like this for tax advantages of charitable donation of shares: If the donated shares were acquired from incentive stock options (ISOs) or an employee stock purchase plan (ESPP), be ...
All The Rage's user avatar
0 votes
1 answer
41 views

Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?

I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
qwerty_99's user avatar
  • 159
1 vote
1 answer
85 views

How to know a company that promises to match charitable donations up to a certain amount will match my donation before hitting their limit?

Facebook has put out their GivingTuesday announcement for charitable donations. They basically promised to match up to 100 dollars per month if you do a monthly donation to a charity through them. ...
dsollen's user avatar
  • 1,196
3 votes
3 answers
498 views

How do I value items for charitable deductions?

A US resident donates a used book to a charity. He wants to deduct the value of the book on his tax return. He observes that a very similar book can be bought for $30 at a local used bookstore. The ...
Bob's user avatar
  • 1,773
5 votes
1 answer
122 views

Does the amount of tax relief I get for charitable giving increase if the charity doesn't have gift aid

In the UK does the amount of tax relief for a self employed person increase if they give money to a charity that doesn't have gift aid? e.g. For a higher rate taxpayer if they give £100 to a gift-aid ...
Daniel Wyatt's user avatar
4 votes
2 answers
711 views

Does the IRS care that you get rewards when donating using a credit card? If so, how to account for that?

It seems that the best way to donate regularly to a charity I wish to donate to and get a receipt for it is to use a credit card instead of a check. (Yes, I know this means that slightly less than I ...
NeutronStar's user avatar
  • 1,322
-5 votes
1 answer
108 views

How to optimize my charitable donations by giving as little as possible to the US government if I already pay no income tax [closed]

I currently pay no income taxes, because I'm intentionally donating just enough to charity each year that after itemizing I have no taxable income. Even with that I have a decent nest egg to invest, ...
dsollen's user avatar
  • 1,196
-4 votes
1 answer
132 views

In USA can I donate index funds to a charity? If not what's the lowest effort option to take advantage of security donation over money donations? [closed]

I currently donate way too much money to charity, paying no income tax as a result. The remainder of my money is currently invested in index funds as their expected to average about the same amount ...
dsollen's user avatar
  • 1,196
22 votes
8 answers
10k views

Someone offered tax deductible donation as a payment method for something I am selling. Am I getting scammed?

Context: I am selling a camera on facebook marketplace and someone proposed the following: Person: Would you consider a fully tax deductible Donation to a San Francisco arts non-profit? Me: Wait what ...
Tinker's user avatar
  • 449
5 votes
1 answer
520 views

Building furniture for charity -- what can I write off as a tax deduction?

(In the United States) If I buy tools and use them to build furniture that I donate to charity, what can I write off? I assume I could write off cost of tools, materials, electricity, and perhaps time ...
Tim Morris's user avatar
3 votes
1 answer
573 views

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 ...
Nate Eldredge's user avatar
0 votes
1 answer
205 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 ...
Bear Bile Farming is Torture's user avatar
2 votes
4 answers
783 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 ...
dsollen's user avatar
  • 1,196
6 votes
2 answers
154 views

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 ...
ab2's user avatar
  • 1,900
2 votes
2 answers
220 views

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 ...
seamux's user avatar
  • 45
0 votes
4 answers
205 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,...
dsollen's user avatar
  • 1,196
3 votes
1 answer
176 views

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) ...
Xander's user avatar
  • 31
5 votes
0 answers
91 views

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 ...
ab2's user avatar
  • 1,900
1 vote
0 answers
85 views

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 ...
dsollen's user avatar
  • 1,196
2 votes
1 answer
112 views

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 ...
AppDeveloper's user avatar
1 vote
4 answers
383 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 ...
adamaero's user avatar
  • 393
2 votes
4 answers
221 views

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. ...
Manisha's user avatar
  • 21
3 votes
2 answers
106 views

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 ...
red squirrel's user avatar
1 vote
1 answer
177 views

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 "...
401k-newbie's user avatar
0 votes
1 answer
97 views

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 ...
MWB's user avatar
  • 541
0 votes
2 answers
150 views

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 ...
Pink and Floyd's user avatar
2 votes
2 answers
1k 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 ...
StayOnTarget's user avatar
6 votes
2 answers
149 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 ...
taxed's user avatar
  • 63
9 votes
1 answer
2k views

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 ...
Bananach's user avatar
  • 275
1 vote
7 answers
352 views

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 ...
dsollen's user avatar
  • 1,196
3 votes
0 answers
119 views

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, ...
Dugan 's user avatar
  • 2,582
2 votes
1 answer
105 views

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 ...
user87241's user avatar
6 votes
1 answer
2k 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 ...
user avatar
7 votes
2 answers
392 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 ...
lazarusL's user avatar
  • 388
1 vote
5 answers
987 views

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 ...
Jo.........'s user avatar
2 votes
1 answer
254 views

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 ...
Ben Voigt's user avatar
  • 6,789
1 vote
1 answer
2k views

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 ...
Bit Chaser's user avatar
3 votes
1 answer
92 views

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?
Ahsan's user avatar
  • 163
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 ...
painter48179's user avatar
  • 2,761
3 votes
3 answers
4k views

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 ...
James's user avatar
  • 45
1 vote
1 answer
191 views

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 ...
SammyS's user avatar
  • 23
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 ...
Pace's user avatar
  • 183
4 votes
1 answer
388 views

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" ...
DavidC's user avatar
  • 277
5 votes
3 answers
143 views

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 ...
Codek's user avatar
  • 407
11 votes
1 answer
5k views

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, ...
NL - Apologize to Monica's user avatar
2 votes
0 answers
57 views

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 ...
ab2's user avatar
  • 1,900
12 votes
2 answers
2k 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 ...
Thunderforge's user avatar
  • 1,345
5 votes
2 answers
722 views

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 ...
velop's user avatar
  • 153