Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [charitable-contributions]

76 questions
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Deducting charitable donations under new U.S. tax law

I usually donate about $20k to charities every year, and I don't have many other deductions to claim. Given that the new tax law doubles the standard deduction to $24k, I effectively don't get tax benefits from my charitable donations anymore…
painter48179
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How does giving money to charity save you money on your taxes?

I regularly hear about people giving money to charity to decrease their tax burden in the US. I don't understand the math of this. If I'm being taxed at a 40% rate, then I can give $500,000 to charity, write it off, and save $200,000 on my taxes.…
yossarian
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Is it possible to give to charities anonymously?

Several years ago, I gave a small donation of $20 to a charity. Every few months, I've received mailings from them with news about the work they are doing and an encouragement to give more. I've never given them more and I'm pretty sure that the…
Thunderforge
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Someone offered tax deductible donation as a payment method for something I am selling. Am I getting scammed?

Context: I am selling a camera on facebook marketplace and someone proposed the following: Person: Would you consider a fully tax deductible Donation to a San Francisco arts non-profit? Me: Wait what does that mean? I can get all of that money from…
Tinker
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If I donate depreciated stock to charity, can I deduct both the market value and the capital loss?

I have stock that's depreciated in value since I bought it. Just to make up some numbers, I paid $8000 for it, and it's worth $1000 now. If I donate the stock to charity, can I take the charitable deduction (if I itemize) of $1000 and the capital…
Michael A
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How do I discuss charitable contributions with a difficult Significant Other?

We are really not hurting financially. I would like to significantly increase our currently extremely low charitable contributions. Problem: My significant other (SO) is rather... stingy (SO has observed a lot of irresponsible spending from a…
user14263
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Can I deduct child's charitable deduction from my taxes?

My five year old daughter negotiated $20 in back allowance (we hadn't paid her allowance in a while, and she's a better negotiator than me) and then donated that money at her school to a charity for sick children. Assuming the charity is qualified,…
stannius
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It's New Years Eve in my time zone, but New Years Day in the time zone of the charity I donated to. Which year's taxes do I record my contribution?

I decided to make a last minute donation to a charity I care about. At the time of the transaction, it was 31 December 2016 in my time zone. But the charity I donated to is headquartered (and does all its operations) in a time zone where it was 1…
Thunderforge
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Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, and several hospital systems have started…
NL - SE listen to your users
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Can I deduct donations in full that no Gift Aid was claimed on

If I make a donation to a registered charity but they do not claim Gift Aid for it, can I deduct the full donation amount from my UK taxes? Background: I do not like the 3% fees that are incurred by the online donation system of the charity. I'd…
Bananach
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Can I deduct a donation of a car I received as a gift?

In 2006 my parents bought me a used car. In 2017 I donated the car to charity and they report it sold for $575. Can I deduct that $575 from my taxes given that I did not personally pay for the car in the first place?
Pace
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Can a community charitable organization collect donations on behalf of a specific person?

A member of my community passed away and I want to arrange a small crowdfunding page for his widow to help her with immediate expenses until the life insurance and paperwork gets done. To encourage donations, I would like the crowdfunding…
lgshost
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cost basis of donated clothing?

(similar but NOT identical to How can I calculate the value of donated clothing for tax purposes? ) My wife donated several boxes full of old clothing to Goodwill, and calculated the total thrift shop value as $710.00. I entered that into TurboTax…
Jason S
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Using the gift exception to get more money to charity

Like most middle class families after the 2018 tax code changes, even with a mortgage I'm very far from being able to itemize. Looking at how to optimally give to charity, it seems like a shame to not be able to give 20-30% more just from tax…
lazarusL
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When is it worth looking at charitable remainder trusts?

My alma mater, like many colleges and charities, offers the option for larger donations of setting up a charitable remainder trust. Basically, in exchange for your committing the donation while you're still alive (rather than in your will), they…
keshlam
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