Claiming donations on my income tax return.

[hole punch]

I gave to SAF and several other organizations last year. I would like to deduct these expenses on my 2010 income tax return. What does my tax preparer need from me to prove that I indeed gave to these non-profits?

I asked my dad about it, and he said tax deductions are "only for rich people"

 

[mbz300sdl]

I gave to SAF and several other organizations last year. I would like to deduct these expenses on my 2010 income tax return. What does my tax preparer need from me to prove that I indeed gave to these non-profits?

I asked my dad about it, and he said tax deductions are "only for rich people"

Basically what he means is that you have deductions greater than the standard deduction and though I don't know you that well from just talking too you a few time I dont think you are going to meet that requirement.

 

[Boondock Saint]

You need to itemize your deductions, generally meaning you either had significant health care expenses or have a mortgage, otherwise the standard deduction exceeds what you'd be itemizing. As far as proof, realistically none likely needed for the deduction itself. If you're audited, a credit card statement or something similar will suffice. Even a notation in a spreadsheet might be good enough if your auditor is the friendly sort.

 

[ThumperIII]

Other than church donations, you should have the donation receipts from legitimate organizations. Also, just because they are a non-profit does not necessarily mean that a donation is tax deductible. For those that are, any value consideration (gift, jacket, totebag, magazine, etc) you received must be deducted from your donation amount. Clothes, appliances, books or any other real property donated must be valued at fair market price for the condition of the item.

 

[hole punch]

I gave $150 to the Second Amendment Foundation. So I can't reduct that? And if not, then what's the point of claiming that it's tax deductable?

 

[Boondock Saint]

I gave $150 to the Second Amendment Foundation. So I can't reduct that? And if not, then what's the point of claiming that it's tax deductable?

If you itemize, you can claim it, minus FMV for the swag they send you, if they sent it for the life membership. Otherwise, take solace in knowing your money went to a fantastic cause.

 

[MDFF2008]

Here's the issue.

If you do the standard deduction, it's set at about 5000 dollars if it's just you.

If you itemize, you get a deduction of like 2300 plus what you itemize.

You want to take whichever is higher.

So for example, you would have to have 2700 dollars in donations to make itemizing worth it. If you itemize and deduct the 150, you would owe far more in taxes than if you take the standard deduction, assuming the 150 is your only deduction.

Itemization isn't necessarily for the rich. It's for people with large deductions like home mortgages, or who do A LOT of charity work, or own their own business, etc.

 

[snavematt]

get an accountant, we claim all donations that are tax deductable, I always keep receipts and they are stored with a copy of my tax return

 

[MDFF2008]

get an accountant, we claim all donations that are tax deductable, I always keep receipts and they are stored with a copy of my tax return

Your deductions probably more than 2500 dollars.

 

[Wiley-X]

To deduct a donation, the recipient must be classified as a charitable organization by the IRS. Not all non-profits are charitable. For example, my car club is a non-profit but not a charitable organization.

Looking at SAF's web site, it says, "I have enclosed my tax-deductible membership fee:"

 

[TheTruth]

The 2AF is a non-profit organization. If your tax situation allows it, it is deductible on your taxes.

Per the website: "SAF
is organized under Internal Revenue Code 501(c)(3) and as a result all
membership dues and contributions are tax deductible. Contact the
Second Amendment Foundation, 12500 NE 10th Place, Bellevue, WA 98005.
1-206-454-7012."

All I provided to deduct it was a printout of my membership email and cash donations emails. That was good enough.

 

[hole punch]

Lot of mixed info here, guys.

I'm not too worried about the $150, I know it went to a better place than I would have spent it, but can I deduct or not?

I know it's something my accountant will explain for me, but surely with all the money we raised last year when Wollard v Sheridan came out in the open, some members here have considered deducting their SAF Life Membership dues.

 

[Ab_Normal]

Donations to organizations that lobby for law changes are not deductable. Read the IRS publication for charitable donations - PUB 526 I believe.

I know donations to the NRA/ILA are NOT deductable but donations to some of their other programs are. I used to designate my united way donations solely for the NRA.

As much as I like to take all the deductions I can, sometimes the juice isn't worth the squeezin'. Especially if there is a good chance the IRS might squeeze back. And since you may only "get back" 1/6 - 1/5 of what you sent in it just doesn't seem worth it to me.

 

[Punch84]

Hole punch, your original question was what was needed. Either cancelled checks, copy's, paypal account printouts, credit card statements, or even hand written receipts with dates and notes are acceptable as proof. As others have stated not all charities are considered tax deductible. I myself deduct SAF contributions but not NRA due to this.

 

[hodgepodge]

Anything you have as a receipt is fine.

You can list Charitable Deductions. But they will not show up on the bottom line unless medical expenses (anything over 7.5% of Adjusted Gross Income), mortgage interest, property taxes and a few other thing EXCEED the Standard Deduction.

Try it. Add up the receipts in your tax program or take them to whomever does your taxes.

Your mileage may vary.

 

[ohen cepel]

I have never been able to claim any donations such as that since I don't own a home and therefore don't exceed the standard deduction.

If you don't own a home, odds are you will fall into the same situation.

 

[Allium]

Remember business expenses can amount up. Tools, parking etc. Deductions they want reciepts. Turbo tax has a feture that if you give to goodwill items and know whats there it calculates fair market pricing so a shirt maybe a buck, a suit 10 bucks -- it can get up to a couple hundred by cleaning the closets.

 

[hole punch]

sounds like i can forget about it.

i'm getting a good chunk back, and i know my $150 went to something i believe in, so i won't fret.