Questions tagged [charitable-contributions]
The charitable-contributions tag has no usage guidance.
43
questions
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2answers
94 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 ...
3
votes
0answers
102 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, ...
2
votes
1answer
66 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 ...
6
votes
1answer
268 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 ...
6
votes
2answers
249 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 ...
1
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5answers
306 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 ...
2
votes
1answer
160 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 ...
1
vote
1answer
421 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 ...
3
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1answer
68 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?
36
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4answers
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 ...
2
votes
2answers
2k 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 ...
1
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1answer
95 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 ...
8
votes
1answer
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 ...
4
votes
1answer
246 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" ...
5
votes
3answers
125 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 ...
9
votes
1answer
2k 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, ...
2
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0answers
53 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 ...
9
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2answers
785 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 ...
4
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2answers
388 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 ...
1
vote
1answer
259 views
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 ...
0
votes
1answer
136 views
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 ...
4
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2answers
3k 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 ...
5
votes
2answers
294 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 ...
18
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4answers
2k 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 ...
3
votes
1answer
83 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 ...
15
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2answers
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 ...
5
votes
2answers
145 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 ...
5
votes
1answer
204 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
163 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
324 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
180 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
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1answer
88 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
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1answer
161 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 ...
1
vote
0answers
585 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
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1answer
136 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
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1answer
40 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 ...
17
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2answers
4k 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 ...
16
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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
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1answer
86 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
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1answer
47 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
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1answer
1k 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 ...
21
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4answers
14k 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 charity,...
7
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3answers
16k 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 ...
