RAM Tax Prep
  • Home
  • About
    • Profile
    • Services
    • Recommendations
  • Resources
    • Tips From Rhonda
    • Newsletters
    • Videos
  • Blog
  • Contact

Be Tax Advantageous
​BLOG​

Charity Deductions

11/18/2016

0 Comments

 
Picture
You must be able to itemize your tax return to take charity deductions. If you can’t itemize this year you can bunch your deductions and make your contributions next year.  There are different types of donations.

Cash Donations

If you donate cash and don’t receive a receipt you don’t have a deduction. You can no longer deduct cash donations. You must have a cancelled check , bank record or receipt from the charity regardless of the amount you donate. If the donation is more than $250 a receipt is always REQUIRED.

Non Cash Donations

These can be shoes, clothes, books, furniture and appliances you donate. Unless in good condition the items will not qualify for a deduction. This means you need to add a notation labeling the condition of the donated items. You will  also need a receipt from the charity along with your inventory.  It is also a good idea to take pictures.

Non Cash Donations over $500 but not over $5000

Your itemized inventory must also include when and how you came to possess the property.  Examples are:  purchase, gift, inheritance or exchange. Your records must also  include original cost or other basis.

Near Cash Donation

These expenses occur when you make purchases for the benefit of the charity. Example buying supplies for Sunday school, canned goods etc. Besides having a receipt you must also have a receipt acknowledging the donation to the charity.

Stock Donations

Do you have stock that has appreciated in value?  Give the shares to the charity. You wont have pay taxes on the capital gains and you will receive a charity deduction for the fair market value of the shares on the day of the gift.

Source: The Tax Network Photo:Pexels

0 Comments



Leave a Reply.

    Picture

    Author

    Rhonda A. Mannes,
    ​CPA, ARA.
    Phone: 702-233-6310


    Archives

    December 2018
    August 2018
    February 2017
    January 2017
    December 2016
    November 2016
    August 2016
    March 2016
    February 2016
    January 2016
    December 2015
    August 2015
    March 2015
    February 2015
    January 2015
    August 2014


    Categories

    All
    Accountant
    Business Taxes
    Charitable Contributions
    ESA
    Estate Planning
    Event
    General Tax Law
    Gifts
    Home Purchase
    Identity Theft
    Intaxification
    IRA
    IRS
    IRS Direct Pay
    IRS Electronic Payments
    Net Investment Tax
    Real Estate
    Retirement
    Rollovers
    Social Media
    Tax Deductions
    Tax Errors
    Tax Preparer
    Tax Shopping
    Tips From Rhonda
    Vehicle Deductions


    RSS Feed


    ADMIN LOG IN
Powered by Create your own unique website with customizable templates.
  • Home
  • About
    • Profile
    • Services
    • Recommendations
  • Resources
    • Tips From Rhonda
    • Newsletters
    • Videos
  • Blog
  • Contact