Are donations or contributions to foreign charitable organizations tax deductible?
If the charity is foreign, that means that it is located outside of the United States. In general, the IRS does not allow donations or contributions to foreign charitable organizations.
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How to calculate itemized deduction for a cash contribution?
Assuming the cash contribution is to a qualified charity, the taxpayer can deduct up to 60% of their AGI. For example, if the taxpayer had adjusted gross income of $100,000 and made charitable donations in the form of cash of $70,000 during the year, and then the deduction would be limited to $60,000 ($100,000 x...
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Are contributions to a political organization tax deductible?
No, a donation (in any form) that is to a political organization is not tax deductible by the taxpayer. Only donations/contributions to charitable organizations are tax deductible.
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Do I need to get written confirmation from a charity for a donation?
Yes, but only if the donation has a fair market value greater than $250. If the donation is less than $250, then you do not need to obtain a written confirmation/notice from the charity.
How to calculate itemized deduction for a cash contribution?
Assuming the cash contribution is to a qualified charity, the taxpayer can deduct up to 60% of their AGI. For example, if the taxpayer had adjusted gross income of $100,000 and made charitable donations in the form of cash of $70,000 during the year, and then the deduction would be limited to $60,000 ($100,000 x...
Are contributions to a political organization tax deductible?
No, a donation (in any form) that is to a political organization is not tax deductible by the taxpayer. Only donations/contributions to charitable organizations are tax deductible.
Do I need to get written confirmation from a charity for a donation?
Yes, but only if the donation has a fair market value greater than $250. If the donation is less than $250, then you do not need to obtain a written confirmation/notice from the charity.
