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The following table shows the percentage of income from the property that you can deduct for each of your tax years ending on or after the date of the contribution. In the table, “tax year 1,” for example, means your first tax year ending on or after the date of the contribution.
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 explains how to claim a deduction for charitable contributions. It discusses: Organizations qualified to receive contributions. The types of contributions you can deduct. How much you can deduct. What records to keep. How to report contributions.
Refer to IRS Publication 502, Medical and Dental Expenses for determining types of expenses that can and cannot be deducted, when capital expenses and special care expenses for disabled persons can be deducted, and whose medical expenses can be included as itemized medical deductions.
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.
Deductible Charitable Contributions and Gifts. 1. Per IRS Publication 526 Charitable Contribution: A charitable contribution is a donation or gift to, or for the use of, a qualified organization. It is voluntary and is made without getting, or expecting to get, anything of equal value (page 1).
16 paź 2024 · Popular IRS publications include: Pub 1, Your Rights as a Taxpayer; Pub 15, Employer's Tax Guide; Pub 17, Your Federal Income Tax; and Pub 334, Tax Guide for Small Business. Information on preparing, filing and extending returns
