Tax Tuesday: Claiming charitable donations - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Tax Tuesday: Claiming charitable donations

Financial planner Derieck Hodges offers these Tax Tuesday tips for claiming charitable donations

Tax Considerations for Charitable Donations

Cash Donations

  • If you itemize your deductions you can claim charitable donations
  • Donations to Haiti earthquake relief given between January 12 and February 28, 2010 can be used on your 2009 or 2010 tax return.
  • You must have written documentation for all donations above $250.
  • Generally, you can deduct cash contribution in full up to 50 percent of your adjusted gross income.

Non-cash donations

  • You must have an assessment of the fair market value of the property you contribute.
  • Use IRS Form 8283 if the contributions exceed $500 in value.
  • Generally, you can deduct property contributions in full up to 30% of your adjusted gross income.

Donations of stocks or bonds

  • Generally, you can deduct contributions of appreciated capital gain assets in full up to 20 percent of your adjusted gross income.
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