The year 2011 is quickly slipping away, and it’s that time when people look to make charitable contributions. Who can I make a donation to? How much can I donate? What do I need to have if I want to take the donation on my tax return? These are all good questions.
You may deduct a charitable contribution on your tax return if the contribution is made to, or for the use of, any of the following organizations:
- A state or United States possession
- A community chest, corporation, trust, fund, or foundation organized or created in the U.S. or its possessions, and organized and operated exclusively for charitable, religious, educational, scientific or literary purposes, or for the prevention of cruelty to children or animals
- A church, synagogue or other religious organization
- War veterans’ organization
- Nonprofit volunteer fire company
- Domestic fraternal society
Contributions that cannot be deducted on a tax return include: contributions made to other individuals, contributions made to nonqualified organizations (civic leagues, social and sports clubs, labor unions, and chambers of commerce), contributions from which you derive some type of benefit, contributions to groups that are run for personal profit, homeowners associations, and contributions involving partial interest in a property.
Read more about 2011 Charitable Contributions Considerations.
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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.