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Giving to charity can have a lot of benefits. It helps others in need, can make you feel good, and can help you get a tax deduction. There’s all around positives to donating to charity, especially if you follow a few tips that can help you deduct the gift from your tax return.
The charity must be qualify in order to claim a deduction. Gifts given to political organizations, candidates or individuals aren’t deductible.
You have to file a Form 1040, and itemize all deductions. Add Schedule A, Itemized Deductions to your federal tax return filing.
You’re only able to deduct the amount of the gift that’s more than any benefit received in conjunction with the donation. Benefits on contributions, such as entertainment tickets, services, meals, or merchandise, limit the amount you can deduct.
Household item and clothing that is used is required to meet certain requirement on the condition.
If the donation totals more than $250, you should request a written statement from the organization that details the amount of the donation, as well as a description of the property.