When is a cash charitable contribution deductible?
A cash charitable contribution is generally deductible in the year it is made. However, there are a few key requirements to consider: 1. Donation to a qualified organization: The recipient organization must be a qualified charitable organization recognized by the IRS. You can check the IRS website or use the Exempt Organizations Select Check tool to verify the organization's eligibility. 2. Itemizing deductions: To claim a deduction for cash contributions, you must itemize your deductions on your tax return. This means you'll need to forgo the standard deduction and instead list your eligible expenses, including charitable contributions, on Schedule A of Form 1040. 3. Documentation: For cash contributions of $250 or more, you need a written acknowledgment from the charity that includes the amount of the donation, a description of any non-cash items contributed, and whether you received any goods or services in return. 4. Limitations: There are limits on the amount you can deduct. Generally, you can deduct up to 60% of your adjusted gross income (AGI) for cash contributions to public charities. Contributions exceeding this limit can be carried forward for up to five years. Remember to keep records of your donations, such as bank statements, canceled checks, or receipts, to support your deduction in case of an audit. It's always a good idea to consult with a tax professional for personalized advice based on your specific situation.
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