SMAART Tips: Charitable Donations Explained
Автор: SMAART Company
Загружено: 2025-12-09
Просмотров: 8
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You need to understand the difference between taking the standard deduction and itemizing. Most people take the standard deduction automatically without realizing that if they combine their charitable gifts with mortgage interest and property taxes, they might exceed the standard deduction and unlock a much larger tax benefit.
Documentation matters too. Cash donations require valid records, and once any single gift hits 250 dollars or more, you must have a written acknowledgment from the charity. For property donations, you may need a qualified appraisal if the value exceeds 5,000 dollars. And for certain appreciated property, your deduction depends on whether the charity actually uses the item in its mission. If not, your deduction may be limited to your original cost.
Without the right documentation, your deduction gets denied. You gave away money for nothing.
If you are planning year-end giving before December 31, you need to understand these rules. The difference between strategic giving and simply being generous is thousands of dollars.
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