Should I report my $50 donation to charity on my income taxes?

Question

This is all I have donated but I am also claiming interest paid on loans, if this even matters.

Answer 1

Yes. You can decuct your donations to charity, and are ENCOURAGED claim every thing you can get... unless you want to donate more to the government. But, I'm shure you have a need for the monies that can be saved.

You have the right to many deductions.

The IRS and FTB both have web sites to go to... your questions can be answered there.

Check with your parents or relatives... they also have to do the same thing.

Answer 2

If you are already itemizing, which sounds like you are, then yes, you should claim your charitable donation also on your Schedule A.

You mention claiming interest paid on loans - I assume you know that only mortgage interest (including HELOC) counts, not just any loan like a car loan.

Answer 3

Assuming that you have enough total itemized deductions to make itemizing worth while, you can claim donations to qualified charitable organizations.

The only interest you can deduct is home mortgage interest and interest on loans to purchase income-producing securities. Interest on credit cards, car loans and personal loans is not deductible.

Answer 4

I'm pretty sure you can claim up to one hundred dollars to charity without a receipt, try turbo tax on line, its a pretty good program, i used to have mine done at hand r block, cost to much, started doing them by hand, just reading the book,but wow when i found turbo tax on-line, its easy , its cheap, and fun

Answer 5

Yes. It won't be much, but it will lower your taxable income by that amount.

Answer 6

yes you should but be warned that the IRS is requiring to show a receipt if your audited.

Answer 7

yes

Answer 8

It can't hurt......