Advertisement
taxes

Charitable donations are tax deductible

Taxes » Tax Deductions » Charitable Donations Are Tax Deductible
Tax breaks: Bait and switch
Charitable donations are tax deductible

Giving to a good cause feels great. So does getting to deduct your donation.

Not every charitable gift, however, is tax deductible.

If you claim the standard deduction, you can't take tax advantage of charitable gifts. Donations are deductible only if you itemize.

Contributions, be they cash or property, also must go to groups in good standing with the Internal Revenue Service. If they aren't, you can't claim your charitable donations.

And gifts to many legitimate good causes aren't deductible because of the way the collection is structured. For example, the money you dropped in a jar at the local diner to help a family wiped out by a fire is not tax deductible. Neither are the expenses you picked up for your child who does missionary work. Regardless of the worthy intentions, the IRS considers these gifts to individuals, not to a registered charity.

And all those raffle tickets you bought to support your child's school programs can't be claimed as charitable donations either.

So keep giving as much as you want to all the good causes you support. Just know that you might not be able to deduct all your gifts.


 

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.02%  0.03 3.99%
15 year fixed refi 3.09%  0.02 3.07%
10 year fixed refi 3.17%  0.06 3.11%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.32%  0.01 4.31%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.92% --0.00 3.92%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.81% --0.00 2.81%
48 month used car loan 3.04% --0.00 3.04%
60 month new car loan 3.24% --0.00 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 1.01%  0.03 0.98%
2 Year CD 1.20%  0.03 1.17%
5 Year CD 1.86%  0.00 1.86%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.73%  0.02 15.75%
Cash Back Cards 16.43%  0.02 16.45%
Low Interest Cards 10.98%  0.02 10.96%
 
Next
advertisement
DAILY TAX TIP NEWSLETTER

Get expert advice during tax season on tax preparation and tips for cutting your tax bill.

advertisement

Connect with us