Periodically, we will post files, information, checklists, etc. that may help you understand the tax code or assist you in collecting the information needed to prepare your tax return.
Check out the .PDF that outlines the basic rules for Charitable Deductions. This is an area that has many rules, so there are lots of false beliefs about what is deductible and what is not.
The Charitable Deduction rules have specific reporting requirements in four major areas:
- Cash Contribution
- Personal Property Contributions (most commonly Household goods)
- Automobiles and other titled vehicles (boats, trailers, air planes, etc.)
- Antiques (as defined by professional auction house standards)
Since this is the tax code we’re talking about, there are many other restrictions, limitations and documentation requirements that are not covered by the summary page. But this information should help you to understand the basic rules.
Click here to see the Charitable Deduction Rules.