originally donated?
2006-08-13 17:13:24 · 3 answers · asked by csf 1 in Business & Finance ➔ Taxes ➔ Canada
Additionally, total deductions for charitable giving should be above the standard deduction of $5150 to even bother itemizing. You are entitled to the standard deduction pretty much no matter what. Some deductions can be taken in addition to the standard deduction, but charitable giving is not one of them. Your deductions for charitable giving could be itemized with other deductible items, again, if it doesn't exceed the magic number, it just isn't worth it. To answer your question specifically, no, you don't get back more money than you donated. The IRS does not love you that much.
2006-08-13 18:59:58 · answer #1 · answered by Freddie 3 · 0⤊ 0⤋
No, you only get back the marginal percentage of what you donated, if you're above the level for itemized deductions.
E.g. a 30% tax bracket you'd get back 30% of yoru donation.
2006-08-13 17:22:17 · answer #2 · answered by Captain_Ahab_ 3 · 0⤊ 0⤋
no
2006-08-14 16:07:08 · answer #3 · answered by kootie33 3 · 0⤊ 0⤋