What qualifies as a charitable contribution for tax purposes?
A charitable contribution is a donation made to a qualified organization that is tax-exempt under IRS rules.
Can I deduct donations made to my local sports team?
Generally, donations to local sports teams are not deductible unless they are recognized as charitable organizations.
What types of donations are considered deductible?
Deductible donations include cash, property, and certain expenses incurred while volunteering for a qualified charity.
Are there limits on how much I can deduct?
Yes, there are limits based on your adjusted gross income, typically up to 60% for cash donations to public charities.
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