Giving Tuesday is November 28th.  If you donate to a charity and want to deduct the contribution, certain criteria must be met.

The donation must given to a qualified tax exempt charity and not to individuals, political organizations, or political candidates.  The IRS Exempt Organizations Select Check Tool can be used to see if a charity is tax exempt.

If a contribution is deducted, you must file Form 1040 and itemize your deductions on Schedule A of your tax return.

If you receive something in return for your donation, you can only deduct the amount of the donation that’s more than the fair market value of the item they received.

If you donate property instead of cash, you can only deduct the fair market value of the donated item. Fair market value is generally the price you would get if you sold the item on the open market. If you donate used clothing and household items, those items generally must be in good condition. Special rules applying to vehicle donations can be found here.

If you donate $250 or more in cash or goods, you must have a written receipt from the charity. The statement must show the amount of the donation or a description of any property given and whether the taxpayer received any goods or services in exchange for their gift.  If goods and services were received in exchange for the gift, a description and good faith estimate of the value of those goods or services must be given.

The complete IRS Tax Tip about about charitable contributions can be found here.


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