Four Tax-Wise Ways To Donate Gifts To Charity
How can you donate to charity? Let us count the ways. Although there are many variations on these themes, there are four basic paths for making contributions to charitable organizations that let you take tax deductions while pursuing your philanthropic goals. They are:
1. Direct contributions: This is the easiest method. You simply write a check or make an online donation. If you're giving tangible property, such as artwork, you'll need to deliver it physically to the charitable group.
Most such contributions are fully deductible on your tax return, but there could be limitations on the size of your write-off based on your adjusted gross income (AGI) for the year: Contributions to public charities are limited to 50% of your AGI. Contributions of appreciated property (for example, publicly traded stocks) to public charities can't exceed 30% of your AGI. Contributions of appreciated property to private foundations are limited to 20% of your AGI.
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