Can I deduct donations on my taxes?
An example of an AI chatbot conversation about tax deductions for charitable donations.
Can I deduct donations I made to my local charity on my taxes?
Yes, you can generally deduct donations made to qualified charitable organizations on your taxes.
Are there any limits on how much I can deduct?
Yes, the IRS limits deductions to a percentage of your adjusted gross income, typically 60% for cash donations.
What documentation do I need to keep for my donations?
You should keep receipts or bank statements for any donations over $250, and a record of smaller donations.
What if I donated items instead of cash?
You can also deduct the fair market value of donated items, but you'll need to itemize your deductions.
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