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?
You can deduct donations made to qualified charitable organizations on your tax return. The deduction amount is generally the fair market value of the donated items.
Are there limits on how much I can deduct?
Yes, the IRS limits deductions to a percentage of your adjusted gross income (AGI). Typically, it's 60% for cash donations and 30% for property donations.
Do I need to keep receipts for my donations?
Yes, it's important to keep receipts or written records for any donation over $250, as you'll need them for tax purposes.
What if I donate to a non-profit that isn't registered?
Donations to non-registered organizations are not tax-deductible. Always check if the charity is recognized by the IRS.
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