What deductions can I claim for donating to charity?

When donating to charity in Washington, you may be able to claim some deductions on your taxes. Generally, the Internal Revenue Service (IRS) allows you to deduct donations to qualifying organizations if you itemize your deductions. To claim a deduction, the organization must be approved by the IRS and be considered a tax-exempt charity. When claiming a deduction, you can deduct the full amount of your donation; however, you can only deduct up to 50% of your adjusted gross income (AGI). Additionally, you can only claim donations if they are more than $250. If you make a donation of less than $250, you must have a written record of the donation such as a bank record or a receipt from the charity. You may also be able to deduct donations of property such as clothing, household items, or cars. In order to deduct the fair market value of the property, you must also have a receipt or other written record from the charity. Noncash donations of property over $500 must be reported on your tax return. When filing your taxes, you can claim your charitable deductions by using Schedule A for itemized deductions and form 8283 for noncash contributions. It is important to keep accurate records of all donations, including bank records and receipts, in case you are audited.

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