Charitable Contributions Flashcards
Charitable Contributions - Deductible
- Money or property to:
- Religious
- Governments, if contribution is solely for public purposes
- Nonprofit schools and hospitals
- Public parks and recreation facilities
- Salvation Army, Red Cross, CARE, Goodwill Industries, United Way, Boy Scouts, Girl Scouts, Boys and Girls Clubs of America, and etc.
- War veterans’ groups
- OOP for a student living with you, sponsored by a qualified organization
- OOP serving a qualified organization as a volunteer
Charitable Contributions - Nondeductible
- Tuition
- Value of time
- Value of blood
- Payments to social organizations
- Cost of raffle, bingo, or lottery tickets
- Money or property to:
- Individuals
- Lobbying groups
- Homeowners associations
- Political groups/candidates
- Groups run for personal profit
- Foreign organizations (except certain Canadian, Israeli, and Mexican charities)
- Civic leagues, social sports clubs, labor unions, and chambers of commerce
Charitable Contribution - Cash
Amount: FMV
Public, Private Operating: 60% AGI
Private Nonop: 30% AGI
Charitable Contributions: Ord. Inc. & STCG prop
Amount: min(FMV, adjBasis)
Public, Private Operating: 50% AGI
Private Nonop: 30% AGI
Charitable Contribution: LTCG Intangibles
Amount: Elect either FMV or basis
Public, Private Operating:
- FMV: 30% AGI
- basis 50% AGI
Private Nonop:
- FMV: 20% AGI
- basis 20% AGI
Charitable Contribution: Tangible (related use)
Amount: Elect either FMV or basis
Public, Private Operating:
FMV: 30% AGI
basis 50% AGI
Private Nonop:
basis 20% AGI
Charitable Contribution: Tangible (unrelated use)
Amount: min(adjBasis, FMV)
Public, Private Operating:
50% AGI
Private Nonop:
20% AGI
Charitable Contribution: Real Estate
Amount: Elect either FMV or basis
Public, Private Operating:
FMV: 30% AGI
basis 50% AGI
Private Nonop:
basis 20% AGI
