How long after January 1 can I make a charitable gift and take a tax deduction for the previous year?

Question

If I am an individual taxpayer and I decide to make a charitable gift after January 1, 2007, can I deduct that from my 2006 taxes? and if so, how long into 2007 do i have to make that charitable gift?

Answer 1

As a rule, you can't. there was a one-off dispensation for the Asian Tsunami a couple of years ago.

What you can do is mail a check on 31st December and claim that. Just make sure the charity acknowledges that the check and postmark were dated December and not January.

Answer 2

No. It must be given by 12/31/2006

It was extended to 1/31 of the next year after the Indian Ocean Tsunami as it happened so late in the year but that was for that year (2004) and only for contributions for Tsunami relief.

One option though is to put it on a credit card. If is on a credit card by 12/31/2006 you can deducted it for 2006. This is the only way to get a 2006 deduction and pay for it in 2007.

Answer 3

If you are audited for 2006 and the checks to charities show the charity deposited them in the first week or so of January 2007, you will probably withstand the challenge. If the bank pay dates are after say, January 10th, you may be asked to provide some kind of explanation from your bank. After January 20th, expect the agent to disallow the deductions for 2006.

Answer 4

No. the best human beings of u . s . of america favor to furnish to motives that are expensive to their hearts, and the authorities is attempting to verify that they eliminate any earnings that would come to the type givers, therefore making human beings depending completely on the authorities.

Answer 5

You can't. You need to make the donation by Dec 31st.

Answer 6

I agree with everybody except for merchant, and I reported him.