What are the tax deductions for charitable donations?
An example of an AI chatbot conversation about charity tax deductions.
What are the tax deductions for charitable donations?
You can deduct donations made to qualified charitable organizations on your tax return. The deduction can be up to 60% of your adjusted gross income, depending on the type of donation.
Are there limits on how much I can deduct?
Yes, there are limits based on the type of donation and the organization. For cash donations, the limit is generally 60% of your AGI, while for property donations, it can be 30% or 50%.
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 items instead of cash?
If you donate items, you can deduct the fair market value of those items. Make sure to get a receipt from the charity and document the value.
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