How do charitable contributions affect my taxes?
An example of an AI chatbot conversation about charitable contributions and their tax implications.
How do charitable contributions affect my taxes?
Charitable contributions can reduce your taxable income if you itemize deductions. Do you want to know more about the limits?
Yes, what are the limits on deductions for charitable donations?
For cash donations, you can typically deduct up to 60% of your adjusted gross income. For property, it's usually 30%.
Are there any specific forms I need to fill out?
Yes, you'll need to fill out Schedule A for itemizing deductions and possibly Form 8283 for non-cash donations.
What if I donate to a non-profit that isn't registered?
Donations to non-registered organizations are generally not tax-deductible. It's important to verify their status.
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