What are the tax exemptions for gifts to charity?
An example of an AI chatbot conversation about gifts to charity and tax exemptions.
What are the tax exemptions for gifts to charity?
In the U.S., donations to qualified charities can be tax-deductible. Generally, you can deduct up to 60% of your adjusted gross income.
Are there limits on how much I can donate?
Yes, the limits depend on the type of donation and the organization. For cash donations, it's typically 60% of your AGI, while for property, it can be 30%.
Do I need to keep receipts for my donations?
Yes, it's important to keep receipts or written acknowledgments for any donation over $250 to claim the deduction.
What if I donate items instead of cash?
Donating items can also be tax-deductible, but you'll need to determine the fair market value of the items and keep proper documentation.
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