What are the tax deductions for charity donations?

What are the tax deductions for charity donations?

In the U.S., you can deduct donations to qualified charities on your tax return. Generally, you can deduct cash donations up to 60% of your adjusted gross income.

Are there limits on how much I can donate?

Yes, there are limits based on the type of donation and the organization. For cash donations, it's typically 60% of your AGI, but for property, it can be 30% or 50% depending on the circumstances.

Do I need to keep receipts for my donations?

Yes, it's important to keep receipts or written acknowledgments from the charity for any donation over $250. This documentation is necessary for tax purposes.

What if I donate items instead of cash?

If you donate items, you can deduct the fair market value of those items. Make sure to get a receipt and document the value.

Can I deduct donations made to international charities?

Generally, you can only deduct donations to U.S.-based charities that are recognized by the IRS. Donations to foreign charities are usually not deductible.