To anyone who knows the rules and regulation about filing taxes. I have been giving money to help a poor family outside the country. The question is can I itemized this as a "money gift"? Does anyone know about it? Please serious answer only.
2006-12-19 14:13:09 · 5 answers · asked by ladybug 2 in Business & Finance ➔ Taxes ➔ United States
There are only two ways for you to deduct the money you have given to the family from your taxes. First, they would have to be registered as a nonprofit 501C3 in the US for you to take that deduction. The other is if they are US citizens and you have been responsible for more than 2/3 of their annual support.
2006-12-19 14:17:50 · answer #1 · answered by maggiepirsq 4 · 1⤊ 1⤋
If you are sending it directly to the family, then no, since a deduction can't be taken for a contribution to a particular person. If you're sending it through a charity with a US 501(c)3 designation, then you can take a deduction if you itemize and have receipts.
2006-12-19 14:49:20 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
I believe you can claim up to $500 for charity with no questions or receipts required. Call a tax specialist for help, especially since the money went outside the US.
2006-12-19 16:07:02 · answer #3 · answered by melinda_rn2006 3 · 0⤊ 1⤋
Melinda is giving dangerous advice. The IRS can insist on documentation for every item on your tax return. make sure you have it.
Judy gave the best advice here.
2006-12-20 00:19:12 · answer #4 · answered by skip 6 · 0⤊ 0⤋
You can this year. Next year, even if the donation is small, you need to have a receipt and if you donate goods instead of money, the items need to be new (not used).
2006-12-19 14:20:40 · answer #5 · answered by Mariposa 7 · 0⤊ 1⤋