Financial planner Derieck Hodges offers these Tax Tuesday tips for claiming charitable donations
Tax Considerations for Charitable 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.
- 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