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Are charitable donations tax deductible?

A charitable donation is a gift of money or goods to a tax-exempt organization that can reduce your taxable income. To claim a deduction for charitable donations on your taxes, you must have donated to an IRS-recognized charity and received nothing in return for your gift. Donated to a friend's GoFundMe? That is typically not tax-deductible.

Are charitable contributions a tax-saving opportunity?

Charitable contributions are potentially a tax-saving opportunity. Not only does the charity benefit, but taxpayers enjoy tax savings by deducting part or all of their contributions on their tax returns.

Can I take a charitable contribution deduction for household items?

You cannot take an income tax charitable contribution deduction for household items unless they are in good used condition or better. The one exception to this is a household item that is not in good used condition or better for which you claim an income tax charitable contribution deduction of more than $500.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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