Questions tagged [charitable-contributions]
The charitable-contributions tag has no usage guidance.
54
questions
1
vote
1answer
68 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 ...
1
vote
3answers
141 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 ...
2
votes
4answers
189 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. ...
0
votes
0answers
13 views
Tax deductions for US citizens and corporations on US donations to Canadian charities with reciprocal 510(c)(3) status
I have tried reading other answers and past commentary as well as legal analysis, but... still don't feel I have a confident answer.
Let's say Joe and Company A both are based in the US and receive ...
3
votes
2answers
89 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 ...
1
vote
1answer
91 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 "...
0
votes
1answer
78 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 ...
0
votes
2answers
79 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 ...
1
vote
2answers
308 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 ...
5
votes
2answers
113 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 ...
7
votes
1answer
329 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 ...
1
vote
7answers
278 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
112 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
77 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
612 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
295 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
vote
5answers
550 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
171 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
745 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
votes
1answer
76 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?
37
votes
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
3answers
3k 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
vote
1answer
123 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
296 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
127 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
3k 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, ...
asked Feb 28 '17 at 21:43
NL - Apologize to Monica
32.1k19 gold badges81 silver badges141 bronze badges
2
votes
0answers
54 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 ...
10
votes
2answers
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 ...
5
votes
2answers
560 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
302 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
138 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
votes
2answers
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 ...
5
votes
2answers
305 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 ...
21
votes
4answers
3k 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
95 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
votes
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
166 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
214 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
181 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
515 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
182 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
93 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
169 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
628 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
173 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
41 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 ...
18
votes
2answers
5k 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
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
97 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 ...
