2007-03-21 00:41:40 · 5 answers · asked by THATgirl 6 in Business & Finance ➔ Taxes ➔ United States
Since you need a receipt from the recipient of your largess, any anonymous donation does NOT qualify as a charitable donation.
Charitable donations are also income-limited. You'd need at least $2,000,000 in AGI to deduct a $1,000,000 contribution. On top of that there is a phase out of deductions linked to your AGI that would probably limit your deduction, possibly significantly.
2007-03-21 02:54:00 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
There's a practical limit, I think about $200, over which you need documentation to prove you made the donation or charitable contribution. The recipient has to set the value on it. You don't have to claim any itemized deduction if you don't want to. In fact, if you use the standard deduction instead of itemizing then you don't claim any of them.
You can bet that if you tried to make an itemized deduction of $1,000,000 for anything you'd have the IRS auditors banging on your door before the ink dried.
2007-03-21 07:46:52 · answer #2 · answered by Anonymous · 0⤊ 1⤋
no if its anonymous how can you claim it although you would have to show where the money went so making the donation as anonymous is posiible however you would think with that amount of money you would want some kind of proof and if you giving out donations i m in need lol
2007-03-21 08:06:20 · answer #3 · answered by crystal s 2 · 0⤊ 0⤋
Depends on your income. You can be anonymous when you make the donation and still claim it as a deduction on your taxes.
But, you can only claim up to 50% of you income. But you can carry forward any amount you could not claim in the current year. so if you made $500k per year and donated $1mm, you could claim $250K as deduction and carry the rest forward to be used in future years as a deduction.
You would need very good proof of contribution to9 show IRS if/when they ask.
2007-03-21 08:12:59 · answer #4 · answered by Jo Blo 6 · 0⤊ 2⤋
You would need a letter of acknowledgement from the organization, so no, you couldn't stay totally anonymous, but you could request that they not release any info about who gave the money - I can't imagine that any eligible organization wouldn't accommodate you if it meant that much money to them.
2007-03-21 14:11:34 · answer #5 · answered by Judy 7 · 0⤊ 0⤋