2006-07-14 01:27:55 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you can itemize your deductions such as state taxes, property taxes, mortgage interest, etc. Charitable contributions such as ones to a church can be added there. This is deducted from your total income before taxes are calculate.
2006-07-14 01:30:02 · answer #1 · answered by accountant 3 · 0⤊ 0⤋
Cash donations are deductible if you have a receipt. My church sends them out in January if requested. Single cash gifts over $250 require a special tax form.
2006-07-14 08:32:41 · answer #2 · answered by jen 6 · 0⤊ 0⤋
Old lady is senile. You need evidence of any single cash contribution over $250. The "special form" is Form 8283 which must be completed for NON-CASH contributions of over $500. Cash donations are added to your total itemized deductions. For non-cash donations you can deduct the fair market value of the property if you have held it for over 1 year. Cash donations are limited to 50% of your adjusted gross income. Donations of property that has appreciated is limited to 30% of your AGI, unless you elect to deduct the cost basis rather than the FMV, in which case the 50% limit applies.
2006-07-14 09:57:34 · answer #3 · answered by Tax Man 2 · 0⤊ 0⤋
You may be able to take a deduction from your taxes.
2006-07-14 08:29:37 · answer #4 · answered by WC 7 · 0⤊ 0⤋