Are cash donations tax deductible?
An example of an AI chatbot conversation about cash donations and their tax implications.
Are cash donations tax deductible?
Yes, cash donations to qualified charitable organizations are generally tax deductible.
What types of organizations qualify for tax deductions?
Qualified organizations typically include 501(c)(3) charities, religious organizations, and some educational institutions.
Do I need to keep receipts for my donations?
Yes, it's important to keep receipts or bank statements as proof of your donations for tax purposes.
Is there a limit to how much I can deduct?
Yes, there are limits based on your adjusted gross income, usually up to 60% for cash donations.
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