What are the tax deductions for charitable donations?
An example of an AI chatbot conversation about tax deductions for charitable donations.
What are the tax deductions for charitable donations?
In the U.S., you can deduct donations to qualified charities if you itemize your deductions. The deduction amount is generally the fair market value of the donated items.
Are there limits on how much I can deduct?
Yes, there are limits based on your adjusted gross income (AGI). Typically, you can deduct up to 60% of your AGI for cash donations, and 30% for donations of appreciated assets.
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 my time instead of money?
While you can't deduct the value of your time, you can deduct certain expenses incurred while volunteering, like mileage or supplies.
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