Get Donation Form: Donor Faqs Tax Credit Program

Individuals, partnerships, and corporations file Form 8283 to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.

50% charities: Include churches, religious organizations, educational organizations, hospitals, medical research organizations, publicly supported organizations, governmental units and certain private nonoperating foundations.

Annual income tax deduction limits for gifts to public charities, including donor-advised funds, are 30% of adjusted gross income (AGI) for contributions of non-cash assets, if held more than one year, and 60% of AGI for contributions of cash.

Federal Tax Deductions for Charitable Donations To deduct donations, you must file a Schedule A with your tax form. With proper documentation, you can claim vehicle or cash donations. Or, if you want to deduct a non-cash donation, you'll also have to fill out Form 8283.

But there are limits depending on whether you donate the funds to a “50% charity” or a “30% charity.” As the name implies, the total deduction for gifts to 50% charities cannot exceed 50% of a taxpayer's adjusted gross income (AGI). ingly, donations to 30% charities are limited to 30% of AGI.

Regular 30% Limitation Non-50% charities include veterans' organizations, fraternal societies, nonprofit cemeteries, and certain private non-operating foundations.

Be aware of the annual deduction limits for donations to public charities, including donor-advised funds. For contributions of non-cash assets held more than one year, the limit is 30% of your adjusted gross income (AGI). Your deduction limit will be 60% of your AGI for cash gifts.

For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property other than cash contributed.