I received extra income. I donated half. What amount do I pay taxes on?

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I received extra income. I donated half. What amount do I pay taxes on?

I sold a life insurance policy . I received money. I donated half to a charity. What amount do I pay taxes on?

2007-01-01 13:38:40 · 3 answers · asked by wynkie 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

If you itemize, you'll deduct your donation, so will just pay taxes on the half you kept.

If you don't itemize, then you can't deduct the donation so will pay tax on the whole amount.

2007-01-01 13:52:12 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

Depends on your tax bracket. Speak to a CPA to get a clear definition of the income you needed to pay before your donation.

2007-01-01 21:41:07 · answer #2 · answered by mailjunkie123 3 · 0⤊ 0⤋

dont pay taxes its stupid

2007-01-01 21:45:56 · answer #3 · answered by yeah. 2 · 0⤊ 3⤋