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Charitable Contributions: Tax Considerations


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Most deductions of money or property made to qualified charitable organizations are deductible from your income tax.

There is a cap on the maximum amount of charitable contributions that can be deducted in any one year.

You can only deduct the value in excess of any goods and services you receive in return from the charity.

There are special rules for:

  • Donations of more than $250
  • Donations made by payroll deduction
  • Donations of motor vehicles, boats and airplanes.

If you are donating property, it is advisable to give appreciated assets and not to give assets that have declined in value.

Contributions of time are not deductible - but any expenses incurred while donating time are deductible.

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