What type of donations to a nonprofit organization are tax-deductible?

Donations made to a nonprofit organization, or charitable organization, are eligible for tax deductions depending on specific criteria. In order to receive a deduction on taxes, the donation must be made to a recognized nonprofit or charity, it must be for a legitimate purpose, and the donor must obtain a receipt from the organization. Under New York law, donations made to nonprofit organizations must be monetary to be tax-deductible. This means that donors must contribute money to the organization, rather than goods or services. For example, a donation of $500 in cash to the local soup kitchen would be tax-deductible, while a donation of 10 loaves of bread would not. Donations to different types of nonprofits or charities may be eligible for different tax deductions. For example, donations to political organizations, such as campaigns and PACs, are generally not tax-deductible. Similarly, donations to private foundations are not eligible for tax deductions in New York. Donors should also note that the amount of the donation that can be deducted for taxes is limited. In 2020, donations of less than $250 to nonprofits are eligible for tax deductions, but only if the donor obtains written confirmation or a receipt from the organization. Donations over $250 must have a receipt or other written acknowledgment from the organization in order to be eligible for the deduction. Ultimately, the best way to ensure a donation is eligible for tax deductions is to carefully confirm the details with the organization prior to making the donation.

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What type of donations to a nonprofit organization are tax-deductible?

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