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What is a charitable contribution deduction?

The charitable contributions deduction allows taxpayers to deduct donations of cash and property given to qualified charitable organizations. When filing, individuals or businesses must itemize deductions on Schedule A of IRS Form 1040. Limits apply to charitable contribution deductions based on IRS limits.

Can I claim a tax deduction for a charitable donation?

The IRS allows deductions for cash and noncash donations based on annual rules and guidelines. The 2023 and 2024 rules require donors to itemize their deductions to claim any charitable contribution deductions and are limited to the AGI limit of 60% for cash donations for qualified charities.

How much is a donation deductible?

Let's say a donor receives a T-shirt in return for a donation. Their deduction is limited to the amount of the contribution that exceeds the fair market value (FMV) of the shirt. In this case, the deductible amount is $20 if the contribution is $40 and the FMV of the T-shirt is $20.

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