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Introduction. This publication explains how individuals claim a deduction for charitable contributions. It discusses the types of organizations to which you can make deductible charitable contributions and the types of contributions you can deduct.
- 2023 Publication 526
Example 1. You make a cash contribution of $1,000 to charity...
- 2023 Publication 526
Example 1. You make a cash contribution of $1,000 to charity X, a qualified organization. In return for your payment you receive or expect to receive a state tax credit of 70% of your $1,000 contribution. The amount of your chari-table contribution to charity X is reduced by $700 (70% of $1,000).
Publication 526, also known as Charitable Contributions, is a valuable guide from the Internal Revenue Service (IRS) that explains how individuals can claim deductions for their charitable donations on their federal income tax returns.
When you donate to a qualifying organization, you can deduct the amount from your taxable income if you itemize deductions on your tax return. However, certain conditions and limitations apply, which we’ll cover so you have a clearer picture of what’s permitted by the Internal Revenue Service (IRS). What are acceptable tax-deductible donations?
How To Get Tax Help.....20 Index.....22 Future Developments For the latest information about developments related to Pub. 526 (such as legislation enacted after we release it), go to IRS.gov/Pub526. What's New Temporary suspension of limits. Certain cash contributions you made for relief efforts in
their required tax forms and chapter 11 of Pub. 535, Business Expenses, for information on de-ducting travel, meals, and entertainment expen-ses. If you are an employee, you won’t need to read this publication if all of the following are true. • You fully accounted to your employer for your work-related expenses. •
Reduced deductibility of state and local tax credits. If you make a payment or transfer property to or for the use of a qualified organiza-tion and you receive or expect to receive a state or local tax credit or a state or local tax deduc-tion in return, your charitable contribution de-duction may be reduced. See State or local tax credit, later.
