by Kristin P. Sinclair – A Accu Tax – March 22, 2018
If you donated money or items to a charity in 2017, then you may be able to claim a deduction on your federal tax return. You should consider the following about charitable deductions.
A.) Qualified Charities: You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible.
B.) Itemize Deductions: To deduct charitable contributions normally you must itemize deductions on Schedule A of your form 1040.
C.) Return Value: When you receive a thank you gift or most any item of value in return for your donation, then you must reduce your charitable deduction by the return value you received. Examples of return value include merchandise, meals, tickets to events or other goods and services.