What are the tax deductions for charitable giving?
An example of an AI chatbot conversation about tax deductions for charitable donations.
What are the tax deductions for charitable giving?
In the U.S., you can deduct donations to qualified charities on your tax return. Generally, you can deduct cash contributions up to 60% of your adjusted gross income.
Are there limits on how much I can deduct?
Yes, the limits depend on the type of donation and the organization. For example, cash donations to public charities are typically limited to 60% of your AGI, while donations of property may have different limits.
Do I need to keep receipts for my donations?
Yes, it's important to keep receipts or written acknowledgments for any donation over $250. For smaller donations, it's good practice to keep records as well.
What if I donate to a non-profit that isn't registered?
Donations to non-profits that are not registered as 501(c)(3) organizations are generally not tax-deductible. It's essential to verify the charity's status.
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