Questions tagged [charitable-contributions]
The charitable-contributions tag has no usage guidance.
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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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1answer
64 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) ...
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77 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 ...
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68 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 ...
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1answer
82 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 ...
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3answers
154 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
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4answers
193 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. ...
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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
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2answers
92 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 ...
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1answer
124 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 "...
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1answer
85 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
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2answers
89 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 ...
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2answers
354 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
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2answers
117 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
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1answer
404 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 ...
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7answers
281 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 ...
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0answers
113 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
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1answer
79 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 ...
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1answer
793 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
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2answers
301 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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5answers
593 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 ...
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1answer
189 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 ...
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1answer
803 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
79 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?
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4answers
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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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3answers
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 ...
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1answer
129 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
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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 ...
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1answer
326 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" ...
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3answers
128 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 ...
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1answer
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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, ...
asked Feb 28 '17 at 21:43
NL - Apologize to Monica
32.3k19 gold badges81 silver badges142 bronze badges
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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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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 ...
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2answers
574 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 ...
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310 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 ...
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1answer
140 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 ...
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2answers
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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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2answers
311 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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4answers
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 ...
3
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1answer
97 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 ...
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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
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2answers
171 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
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1answer
217 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 ...
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1answer
183 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 ...
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3answers
574 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
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1answer
184 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 ...
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1answer
95 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 ...
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1answer
172 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 ...
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645 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. ...
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1answer
182 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.
